ECONOMICS
PRODUCTIVE RESOURCES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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human resource
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natural resource
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entrepreneurship
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capital goods
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Detailed explanation-1: -There are three basic productive resources: natural resources, human resources, and capital resources. Natural resources are things such as minerals, water, trees, and land itself. Several types of natural resources are used to make a pair of jeans.
Detailed explanation-2: -Define and give examples of productive resources (i.e. factors of production): natural resources (i.e. land), human resources (i.e. labor and human capital), physical capital and entrepreneurship.
Detailed explanation-3: -The factors of production are land, labor, capital, and entrepreneurship.
Detailed explanation-4: -In economics, factors of production, resources, or inputs are what is used in the production process to produce output-that is, goods and services.