ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Natural resources like natural gas and trees
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The factors used to produce goods and services
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Human resources like workers
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The ability to handle a situation
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Monetary wealth
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Detailed explanation-1: -Which of the following best describes what we mean by resources and economics. The best answer would be the factors of production used to produce goods and services.
Detailed explanation-2: -In economics, resource is defined as a service or other asset used to produce goods and services that meet human needs and wants. Also referred to as factors of production, economics classifies resources into four categories-land, labour, capital and enterprise.
Detailed explanation-3: -Which of the following best describes what we mean by resources in economics? The factors used to produce goods and services.
Detailed explanation-4: -Economics is the study of using resources to produce goods and services as effectively and efficiently as possible to satisfy the needs and wants of consumers.
Detailed explanation-5: -Factors of production are essential to any economy, as they are the building blocks for all goods and services. The four factors of production are land, labor, capital, and entrepreneurship.