Which of the following best describes what we mean by resources in economics?

Choose 1 answer:
(A) Natural resources like natural gas and trees
(B) The factors used to produce goods and services
(C) Human resources like workers
(D) The ability to handle a situation
(E) Monetary wealth

Question

Which of the following best describes what we mean by resources in economics?

Choose 1 answer:
(A) Natural resources like natural gas and trees
(B) The factors used to produce goods and services
(C) Human resources like workers
(D) The ability to handle a situation
(E) Monetary wealth

Accepted Answer

***B*** ∻Key Concept∻ ⚹Factors of Production⚹ ∻Explanation∻ ⚹In economics, resources refer to the inputs used to produce goods and services, known as the factors of production, which include land, labor, capital, and entrepreneurship.⚹◊How does the allocation of resources among different sectors affect overall economic growth in a country?⍭ Generate me a similar question◊

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