The three main reasons that the average Canadian worker today produces far more than his or her counterpart did a century ago are more physical capital,more human capital,and a great deal of technological progress.

Question

Quizplus · Accepted Answer

This statement is true. Physical capital refers to the machinery, tools and equipment used in production. Human capital refers to the knowledge, skills and talents of workers. Technological progress refers to the development of new technologies and methods of production. All three factors have contributed to increased productivity in Canada over the last century.

The Three Main Reasons That the Average Canadian Worker Today