Hiring decisions in the markets for labor and capital
Key Questions
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Answer:
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Explanation:
Labor is the effort that people contribute to the production of goods and services. Markets of labor is a market that is reliable on only the labor forces, or have others factors but is reliable on the labor forces more than the others. For instance, handmade manufactures.
On the other hand, a capital market, Think of capital as the machinery, tools and buildings humans use to produce goods and services. A capital market is a market reliable on the machines more than the workers, such as the textiles and clothes new manufacturing systems
Mariam Onsi
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Jul 29 2015