ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A material removed from earth using human labor
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Anything that can be used to make something else
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When you “source” again and again and again.
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None of the above
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Detailed explanation-1: -Answer and Explanation: The correct option is: c) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. This is the best option when it comes to defining definition.
Detailed explanation-2: -Resources are the inputs that society uses to produce output, called goods. Resources include inputs such as labor, capital, and land.
Detailed explanation-3: -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-4: -Economic resources are of four main types: labor, land (natural resources), real capital (machines, factories, buildings, etc., ) and entrepreneurs. Economic resources are also called factors of production or inputs in the productive process.