ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Natural Resources
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Goods and services
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Human Capital
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GDP
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Detailed explanation-1: -Productive Resources required to produce goods and/or services are called factors of production.
Detailed explanation-2: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-3: -Resource productivity is a measure of the total amount of materials directly used by an economy (measured as domestic material consumption (DMC)) in relation to GDP . It provides insights into whether decoupling between the use of natural resources and economic growth is taking place.
Detailed explanation-4: -Capital resources include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services. The items the people in Communityville produced are called capital resources.