Pretend for a moment you are the instructor developing this course. Write 3 short answer questions for an exam over this chapter that you believe cover the most important points in the chapter. Post all three questions on your blog. Give an example of a great answer and an okay answer to each question. (Be sure to differentiate between the two responses.
Question 1: What are the most important Factors of Production?
Great answer:There are three important Factors of Production: Labor, A company or firm will consider the size of its workforce and how it will effect the amount of output produced. Land, companies have to decide which is better for their output whether to rent or purchase land which are determined by supply and demand of the product being produced. Capital, is the equipment and structures that are used to produce the companies goods and services.
Okay Answer: Labor, Land and Capital.
Question 2. What are the the main causes of the Labor Demand Curve to shift?
Great answer: There are three main causes to the Labor Demand Curve shift: The Output Price, which is the value of the marginal product times the price of the firms output. Technological Change, which can cause changes that reduce labor, technological advances raise the marginal product of labor. The Supply of Other Factors, one factor of production can affect the marginal product of other factors.
Okay answer: The Output Price, Technological Change, and The Supply of Other Factors.
Question 3. What are the main causes of the shift in the Labor Supply Curve?
Great Answer: There are three main causes of the shift in the Labor Supply Curve, Changes in Tastes or attitudes towards work, nowadays the family sizes are smaller and women choose to work rather than stay home. Changes in Alternative Opportunities, labor in one market depend on the opportunity available in other markets, such as wage differences. Immigration, the movement of workers between regions and countries.
Okay Answer: Changes in Tastes, Changes in Alternative Opportunities and Immigration.
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