ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the workers and managers who produce goods and services.
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money in banks.
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fertile soil, mineral deposits, forest and similar sources of raw materials.
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factories, equipment, and machinery used for producing goods and services.
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Detailed explanation-1: -When economists refer to capital, they are referring to the assets-physical tools, plants, and equipment-that allow for increased work productivity. Capital comprises one of the four major factors of production, the others being land, labor, and entrepreneurship.
Detailed explanation-2: -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-3: -Factors of production refer to the resources individuals use to manufacture products and services. Generally, they are the fundamental building block of the nation’s economy. As these names mean, economic resources are needed to generate the outputs required in an economy.
Detailed explanation-4: -To an economist, capital usually means liquid assets.
Detailed explanation-5: -Capital goods are man-made, durable items used by businesses to produce goods and services. They include tools, buildings, vehicles, machinery, and equipment.