ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following resources can be scarce? Select all that apply
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Food
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Money
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Water
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Trees
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Explanation:
Detailed explanation-1: -It’s time to wrap things up, but before we go, always remember that the four factors of production-land, labor, capital, and entrepreneurship-are scarce resources that form the building blocks of the economy.
Detailed explanation-2: -Scarce economic resources include land, capital, natural resources, and labor.
Detailed explanation-3: -You are probably used to thinking of natural resources such as titanium, oil, coal, gold, and diamonds as scarce. In fact, they are sometimes called “scarce resources” just to re-emphasize their limited availability.
Detailed explanation-4: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.
There is 1 question to complete.