ECONOMICS
PRODUCTIVE RESOURCES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In terms of economics, why do medical doctors command such high pay?
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Health is very important.
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Medical doctors have high student loan payments.
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Medical doctors have high student loan payments.
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The human capital required to become a medical doctor involves a great degree of knowledge, training, and skill.
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Explanation:
Detailed explanation-1: -Factors of production are economic resources used to create goods and services. The four factors of production are: land, physical capital, human capital and entrepreneurship.
Detailed explanation-2: -The third factor of production is capital. Think of capital as the machinery, tools and buildings humans use to produce goods and services. Some common examples of capital include hammers, forklifts, conveyer belts, computers, and delivery vans.
Detailed explanation-3: -Human capital consists of the knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society.
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