ECONOMICS
SCARCITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Profits, prices, and markets
|
|
|
Natural, human, and capital resources
|
|
|
Economic wants, scarcity, and entrepreneurship
|
|
|
Goods, services, and capital
|
Detailed explanation-1: -The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -The productive factors are commonly classified into three groups: land, labour, and capital. The first represents resources whose supply is low in relation to demand and cannot be increased as the result of production.
Detailed explanation-3: -Natural resources (land) Labor (human capital) Capital (machinery, factories, equipment)
Detailed explanation-4: -Human, Natural, and Capital Resources Human resources are the workers. Natural resources are things that come from nature and are unchanged by human hands. Examples of natural resources are water, air, trees, minerals, and animals. Capital resources are man-made tools and equipment used to produce a product.
Detailed explanation-5: -Another major reason why the Industrial Revolution began in Great Britain was that it had an abundant supply of what economists call the three “factors of production". These factors of production are land, labor, and capital.