Economic Resources in Economics
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Questions and Answers

What is the primary focus of economic theory?

  • Creating new products and services
  • Allocating economic resources efficiently (correct)
  • Maximizing profits for businesses
  • Ensuring unlimited human needs are met

Which of the following is NOT a category of economic resources?

  • Natural resources
  • Entrepreneurial ability
  • Labor
  • Technology (correct)

What do economics students learn about economic resources for?

  • To achieve complete resource scarcity
  • To eliminate human wants
  • To maximize profits in business
  • To prepare for future roles in management (correct)

Which of the following is an example of an economic resource?

<p>Land (A)</p> Signup and view all the answers

In economics, what are economic resources used interchangeably with?

<p>Factors of production (C)</p> Signup and view all the answers

Which category does entrepreneurial ability fall under with regard to economic resources?

<p>None of the above (D)</p> Signup and view all the answers

What is the primary role of land as an economic resource?

<p>Produce goods and services (A)</p> Signup and view all the answers

Which of the following is considered a natural resource under the category of land?

<p>Wind (A)</p> Signup and view all the answers

Why is it important for businesses to align the skill types needed for each task correctly?

<p>To optimize production efficiency (B)</p> Signup and view all the answers

Which of the following is NOT a component of capital as an economic resource?

<p>Human labor (C)</p> Signup and view all the answers

In economics, what is meant by the term 'financial capital'?

<p>Money or financial means used for investments (A)</p> Signup and view all the answers

Which of the following is an example of a non-natural resource under the category of land?

<p>Factories (A)</p> Signup and view all the answers

What is the primary role of entrepreneurship as an economic resource?

<p>Innovating new forms of production (A)</p> Signup and view all the answers

How is entrepreneurship rewarded according to the text?

<p>Through profit made in the new idea or business (B)</p> Signup and view all the answers

Why is entrepreneurship considered an essential economic resource?

<p>New firms or inventions won't form without it (B)</p> Signup and view all the answers

What distinguishes entrepreneurship from other categories of economic resources?

<p>Involves introducing new goods and services to the market (C)</p> Signup and view all the answers

Apart from capital investment, what other requirement is mentioned for entrepreneurs in the text?

<p>Risk-taking for financial profits (C)</p> Signup and view all the answers

For what purpose do entrepreneurs typically invest their own capital in their business?

<p>To sustain and grow their business (D)</p> Signup and view all the answers

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