Macroeconomics: Principles, Problems, & Policies 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0-07766-077-3
ISBN 13: 978-0-07766-077-2

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

Answer

Economic resources are any resources that are used to produce goods and services. They are classified into four categories; *Land (including forests, minerals, water and wind power) *Labor *Capital (including money and machinery) *Entrepreneurial ability

Work Step by Step

These resources are called factors of production or inputs because they are all combined in the production process in order to create goods and services within an economy.
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