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18 Questions

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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?

Land Signup and view all the answers

In economics, what are economic resources used interchangeably with?

Factors of production Signup and view all the answers

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

None of the above Signup and view all the answers

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

Produce goods and services Signup and view all the answers

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

Wind Signup and view all the answers

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

To optimize production efficiency Signup and view all the answers

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

Human labor Signup and view all the answers

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

Money or financial means used for investments Signup and view all the answers

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

Factories Signup and view all the answers

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

Innovating new forms of production Signup and view all the answers

How is entrepreneurship rewarded according to the text?

Through profit made in the new idea or business Signup and view all the answers

Why is entrepreneurship considered an essential economic resource?

New firms or inventions won't form without it Signup and view all the answers

What distinguishes entrepreneurship from other categories of economic resources?

Involves introducing new goods and services to the market Signup and view all the answers

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

Risk-taking for financial profits Signup and view all the answers

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

To sustain and grow their business Signup and view all the answers