ECONOMICS
SCARCITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Work the people do to produce goods and services.
|
|
|
The natural resources used to produce goods or services.
|
|
|
Person who organizes the factors of production to produce goods/services; business owners.
|
|
|
Goods not created for their own use, but to make other goods/services.
|
Detailed explanation-1: -Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward.
Detailed explanation-2: -Definition of Labor Labor is a series of continuous, progressive contractions of the uterus that help the cervix dilate and efface (thin out). This lets the fetus move through the birth canal. Labor usually starts two weeks before or after the estimated date of delivery.
Detailed explanation-3: -la·bor ˈlā-bər. : physical or mental effort especially when hard or required : toil, work. : the services performed by workers for wages.