What are the four scarce resources that any economic system must allocate between society's competing wants and needs?

Choose 1 answer:
(A) High skilled workers, low skilled workers, knowledge workers, and service sector workers
(B) Machines, technology, minerals, and energy resources
(C) Forest, minerals, ocean, and energy resources
(D) Land resources, labor, capital goods, and entrepreneurship
(E) Information technology, physical capital, financial capital, and high skilled workers

Question

What are the four scarce resources that any economic system must allocate between society's competing wants and needs?

Choose 1 answer:
(A) High skilled workers, low skilled workers, knowledge workers, and service sector workers
(B) Machines, technology, minerals, and energy resources
(C) Forest, minerals, ocean, and energy resources
(D) Land resources, labor, capital goods, and entrepreneurship
(E) Information technology, physical capital, financial capital, and high skilled workers

Accepted Answer

***D*** ∻Key Concept∻ ⚹Factors of Production⚹ ∻Explanation∻ ⚹The four scarce resources, also known as factors of production, that any economic system must allocate are land resources, labor, capital goods, and entrepreneurship. These are essential inputs used in the production of goods and services to satisfy society's wants and needs.⚹◊How does a Macro Economic perspective explain the allocation of the four scarce resources between society's competing wants and needs?⍭ Generate me a similar question◊

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