Economics: Shortage and Factors of Production
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Questions and Answers

What category of productive resources does human capital fall under?

  • Entrepreneurship
  • Capital resources
  • Labor resources (correct)
  • Land resources
  • Which term refers to the combining of land, labor, and capital in new ways to produce goods and services, involving innovation, strategy, risk-taking, and energy?

  • Renewable resources
  • Scarcity
  • Physical capital
  • Entrepreneurship (correct)
  • What causes temporary lack of desired goods or services?

  • Human capital
  • Shortage causes (correct)
  • Scarcity
  • Renewable resources
  • What is the perpetual condition of limited resources relative to unlimited wants?

    <p>Scarcity</p> Signup and view all the answers

    What type of resources are tools, machines, and buildings used in the production of goods and services?

    <p>Capital resources</p> Signup and view all the answers

    Which resources are natural resources used in the production of goods and services, including renewable and nonrenewable resources?

    <p>Land resources</p> Signup and view all the answers

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