ECONOMICS
PRODUCTIVE RESOURCES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
The human capital required to become a medical doctor involves a great degree of knowledge, training, and skill.
|
|
people and their tools are inefficient.
|
|
|
natural disasters create frequent shortages.
|
|
|
governments create scarcity to keep people wanting more.
|
|
|
while peoples’ wants are unlimited, resources are limited.
|
Explanation:
Detailed explanation-1: -The third factor of production is capital. Think of capital as the machinery, tools and buildings humans use to produce goods and services. Some common examples of capital include hammers, forklifts, conveyer belts, computers, and delivery vans.
Detailed explanation-2: -Factors of production are economic resources used to create goods and services. The four factors of production are: land, physical capital, human capital and entrepreneurship.
Detailed explanation-3: -Money is NOT a productive resource. Money is used to purchase productive resources.
There is 1 question to complete.