Consider a simple economy whose only Industry Is fishing. Recall that productivi
ID: 1233101 • Letter: C
Question
Consider a simple economy whose only Industry Is fishing. Recall that productivity Is the quantity of goods produced from each unit of labor. In the fishing Industry, one can measure productivity as the number of fish per hour. There are four determinants of productivity: physical capital, human capital, natural resources, and technological knowledge. The fertile waters In which the fish feed and breed are examples of The schooling workers receive before working on and piloting boats Is an example ofExplanation / Answer
Natural resource (resources which occur in nature which can be exploited for economic gain)
Human capital (it refers to the skills and the knowledge possessed by an individual due to training or education)