Question

When we compare the factors of production in wealthy and poor nations, we find: A. poor nations have plenty of land and knowledge, but very little labor.B. poor and wealthy nations (both) have an abundance of knowledge, it is the land that varies, with rich nations always having more.C.wealthy nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking in these areas.D. wealthy nations have land and labor, while poor nations have capital and entrepreneurship

Answer 1

C.wealthy nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking in these areas

Step-by-step explanation:

Factors of production includes:

1. Land - land includes all natural resources

2. Capital - includes machinery, tools used in the production of goods and services

3. Labour - includes all human effort expended in the production of goods and services

4. Entrepreneurship - coordinates all factors of production.

Poor countries have high levels of illiteracy, so they don't have an abundance of knowledge. Poor countries are usually overpopulated, so they usually have high Quanitity of labour.

On the other hand, rich countries have high literacy levels, so, they have an abundance of knowledge.

I hope my answer helps you