Micro Economics Canada in the Global Environment 9e Michael Parkin, Robin Bade (Solutions Manual)

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What we produce varies over time. In Canada today, services account for 78 percent of production, manufactured goods for 20 percent, and agriculture for 2 percent. What we produce also varies over c... ountries. Agriculture and manufacturing are small percentages of production in rich countries and large percentages of production in poorer countries. How goods and services are produced is by businesses determining how the factors of production, land, labour, capital, and entrepreneurship, are combined to make the goods and services we consume. Land includes all natural resources, both renewable natural resources such as wood, and nonrenewable natural resources such as natural gas. The quality of labour depends on human capital. In Canada in 2013, 25.3 percent of the adult population had a university degree, a further 39 percent had some post-secondary education, and 93.6 percent had completed high school. [Show More]

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