Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 1 - Limits, Alternatives, and Choices - Questions: 7

Answer

Economic resources are natural, human, and manufactured resources that go into the production of goods and services. They are sorted into 4 categories, otherwise known as inputs or factors of production. These include land, labor, capitol, and entrepreneurial ability.

Work Step by Step

Land - All natural ability Labor - Physical actions and mental ability that people contribute Capitol - All manufactured aids including factory, storage, transportation, distribution, tools and machinery Entrepreneurial Ability - Initiative, business decisions, innovation and ability to bear risk.
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