ECONOMICS
PRODUCTIVE RESOURCES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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resources to produce goods and services
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community workers
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corporation
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recycling
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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: -There are three basic productive resources: natural resources, human resources, and capital resources.
Detailed explanation-3: -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.
Detailed explanation-4: -Natural resources (land) Labor (human capital) Capital (machinery, factories, equipment)
Detailed explanation-5: -Resources like capital and land are more important than human resources. Assertion (A): Human resources occupy greater importance in production than natural resources and material resources. More items