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Which statements correctly identify limitations of the factors of production? Check all that apply.

Economies must consider their limitations when answering the three questions of economics.
Land is a factor of production that is limited only by the amount available.
Capital includes all money and physical facilities needed to create a product.
Labor is a factor driven by the size of the population, education, and standard of living.
An economy can function well when producing outside its limitations.

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beingteenowfmao

Answer:

Economies must consider their limitations when answering the three questions of economics.

Capital includes all money and physical facilities needed to create a product.

Labor is a factor driven by the size of the population, education, and standard of living.

ogorwyne

The statements that correctly identifies factors of production are:

  • Economies must consider their limitations when answering the three questions of economics.
  • Capital includes all money and physical facilities needed to create a product.
  • Labor is a factor driven by the size of the population, education, and standard of living.

What are factors of production?

These are those factors that are used in the production process for the creation of goods and services.

They include:

  • Land
  • Labor
  • Capital

Read more on the factors of production here:

https://brainly.com/question/16755022

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