Resources are defined as______________?
Correct answer: A. everything needed for the production of goods and services including human energy
- A. everything needed for the production of goods and services including human energy
- B. everything found in the ground
- C. everything that is made by people
- D. none of the above
Explanation
Economic resources are the inputs used to produce goods and services, including human effort, natural materials, machinery and entrepreneurial ability. They are therefore much broader than things found only in the ground or made by people.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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