ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The “gifts of nature” or natural resources not created by human effort.
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the tools, equipment, and factories used in production of goods and services
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people with all their efforts and abilities
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individuals who start a new business or bring a product to market.
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Detailed explanation-1: -The above statement is true. Land is a free gift of nature as it is not created by mankind. All the natural resources, flora and fauna, earth, buildings, avenues, air, water, minerals etc. are available to human beings as free gifts of nature.
Detailed explanation-2: -Natural Resource-A natural resource is a gift of nature that is used to produce a good or service. Students often have difficulty differentiating a natural resource from a capital resource. You should consider a natural resource as a raw material that has not been processed or altered by humans.
Detailed explanation-3: -Natural resources or “gifts of nature” not created by human effort; one of four factors of production land, minerals, water, animals, vegetation, and marine life.
Detailed explanation-4: -These resources are divided into four broad categories: natural (land), human (labor), capital and entrepreneurship. Natural resources are “gifts” of nature and include things like raw materials, water, wood, air, sunlight, soil, animals, etc.
Detailed explanation-5: -Natural Resources (Land) – All gifts of nature that can be used to produce goods and services. Natural resources include such things as farmland, water, fish, crude oil, mineral deposits, and climactic conditions.