Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

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

Answer

Economic resources comprise the resources that are utilized during the process of production. The categories of economic resources comprise entrepreneurship, land, capital and labor. The resources are referred to as the factors of production since they are utilized when making various services are goods. Economic resources are inputs because they are mandatory in the production process that results into various outputs

Work Step by Step

Economic resources are mandatory for the production process to take place.
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