ECONOMICS
PRODUCTIVE RESOURCES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the things available by nature.
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the things we use to make goods and services.
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the materials made by people.
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None of the above
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Detailed explanation-1: -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-2: -Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings. Consumers. People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
Detailed explanation-3: -Economic. In economics a resource is defined as a service or other asset used to produce goods and services that meet human needs and wants. Economics itself has been defined as the study of how society manages and allocates its scarce resources.
Detailed explanation-4: -All goods and services are produced using productive resources (also known as factors of production). These resources are divided into four broad categories: natural (land), human (labor), capital and entrepreneurship.