Given the relative price of cloth and the supplies of land and labor, it is possible to determine how much of each resource the economy devotes to the production of each good.

假定相对价格和土地与劳动供给不变，如何决定不同要素投入到不同的商品生产。

youdao

The division put up labor productivity, a people's financial worth and relative price of human capital, and this gives rise to institutional change.

分工提高劳动生产率，提高人的经济价值和人力资本的相对价格，从而导致制度变迁。

youdao

The combined effect of these two actions would change the relative price of labor and goods by roughly 30 percent.

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If people are unemployed, it means the price of labor is artificially high relative to the market-clearing price.

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