GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The United States has adequate resources to satisfy all the wants of all its people. Countries with a command economy are often dictatorships. Privatization occurs when a government transfers to a business its authority to provide a good or a service.
Detailed explanation-2: -Capital goods are buildings, tools, machines, and other equipment that are used to produce other goods but do not directly satisfy human wants. The production of capital goods is called capital formation. Capital goods, such as buildings and equipment, are needed to produce consumer goods and services.
Detailed explanation-3: -The economic resources are land, labor, capital, and entrepreneurial ability.
Detailed explanation-4: -Air, water, and sunlight are not the economic resources. This is because these resources are present in abundance which means they are not scarce. The example of economic resources are land, labour, capital.