Question

We learned the role that human capital, technology and economies of scale are all important in a prospering economy. Match the following statements with the proper concept. a. Inventions and research rose over the last year. b. Factories expanded which allowed workers more space. c. Advancements in computer and automation increased. d. The number of technical certifications increased. e. Retail outlet decided to move in facility with double the square footage than before.

Answer 1

a) invention and research rose are Technology.

b) Factories expanded which allowed workers more space is due to Economies of scale because factories are expanded to have large production and economies of scale are associated with ladge scale production.

c) Advancement in computer and automation is Technology because it makes things easier.

d) Number of technical certification increased is a human capital because it tells about the knowledge of certificate holder.

e) Retail outlets doubled the space is a example of economies of scale.

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