ECONOMICS
PRODUCTIVE RESOURCES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The natural resources used to produce goods or services.
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Work the people do to produce goods and services.
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Goods not created for their own use, but to make other goods/services.
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Person who organizes the factors of production to produce goods/services; business owners.
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Detailed explanation-1: -In classical economics, the three factors of production are land, labour, and capital. Land was considered to be the “original and inexhaustible gift of nature.” In modern economics, it is broadly defined to include all that nature provides, including minerals, forest products, and water and land resources.
Detailed explanation-2: -Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods.
Detailed explanation-3: -Resources: Natural/Human/Capital. Anything used to produce goods and services; all natural, human and human-made aids to the production of goods and services, also called productive resources.
Detailed explanation-4: -land, In economics, the resource that encompasses the natural resources used in production. In classical economics, the three factors of production are land, labour, and capital.
Detailed explanation-5: -Intermediate goods are products that are used in the production process to make other goods, which are ultimately sold to consumers. The intermediate goods are sold industry-to-industry for resale or to produce other products.