Question

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

a) Physical assets only
b) Unlimited goods and services
c) Inputs used in the production of goods and services
d) Money and financial assets

Answer 1

In economics, resources are the inputs used in the production of goods and services, including land, labor, capital, and entrepreneurship. The correct answer to the question is 'c) Inputs used in the production of goods and services'.

Step-by-step explanation:

Resources in economics refer to the various inputs used in the production of goods and services. These inputs include land, labor, capital, and entrepreneurship. Land comprises all natural resources, labor represents human effort, capital encompasses machinery and equipment, and entrepreneurship is the initiative and risk-taking involved in starting a new business or venture. Of the given choices, the one that best describes what we mean by resources in economics is "c) Inputs used in the production of goods and services", as it encompasses all the necessary elements that contribute to the economic production process.