Question

what is d. Physical capital

Answer 1

what is aggregate supply

Answer 2

Physical capital refers to the man-made resources such as machinery, tools, equipment, buildings, infrastructure, and other durable goods that are used in the production of goods and services. Physical capital is one of the factors of production and plays a significant role in economic development and growth. It can be owned by individuals, businesses, or governments and is considered a valuable asset that can generate income and increase productivity.

Answer 3

Aggregate supply refers to the total amount of goods and services that producers are willing and able to supply in an economy at a given price level over a specific period. It is the sum of the supply of all firms in the economy. Aggregate supply is determined by factors such as the number of firms in an industry, the availability of inputs such as labor and capital, and technology. It is usually represented by an upward-sloping curve, meaning that as the price level increases, the quantity of goods and services supplied also increases. Aggregate supply is an important concept in macroeconomics as it helps explain how an economy responds to changes in demand, technology, and other economic factors.