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Question
Macroeconomics
Posted 8 months ago
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
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Answer from Sia
Posted 8 months ago
Solution
a
Definition of Resources: In macroeconomics, resources refer to the inputs used to produce goods and services. These inputs are typically categorized into three main types: land (natural resources), labor (human resources), and capital (machinery, buildings, etc.)
b
Factors of Production: The factors of production are the resources used in the creation of goods and services. They include natural resources, human resources, and capital
c
Correct Answer Identification: Among the given choices, the one that best describes resources in economics is "The factors used to produce goods and services."
Answer
B: The factors used to produce goods and services
Key Concept
Resources in economics
Explanation
Resources in economics are the inputs used to produce goods and services, which include natural resources, human resources, and capital.
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