The know-how and the means and methods of production available in an economy are known as

Question

Quizplus · Accepted Answer

The term that best describes the know-how and the means and methods of production available in an economy is technology. Capital refers to the physical assets such as buildings and machinery used in production. Human capital refers to the skills and knowledge of workers. Labor refers to the physical and mental effort put in by workers. Management refers to the organization and coordination of resources to achieve specific goals.

The Know-How and the Means and Methods of Production Available