10 Questions
In economics, land refers to man-made resources.
False
Examples of 'land' include deserts, fertile fields, and forests.
True
Livestock is not an example of 'land' in economics.
False
The climate necessary to grow crops is not considered 'land' in economics.
False
In economics, 'land' refers to natural resources created by people.
False
What is the fundamental problem that economics tries to address?
Satisfying unlimited and competing wants with scarce resources
What is the primary objective of economics?
To understand how people allocate scarce resources
What is a characteristic of human wants according to economics?
They are in competition with one another
What is a key concept in understanding economics?
The scarcity of resources
What is the relationship between resources and wants in economics?
Wants are unlimited, but resources are scarce
Study Notes
In economics, land refers to the “gifts of nature,” or natural resources not created by people. “Land” includes deserts, fertile fields, forests, mineral deposits, livestock, sunshine, and the climate necessary to grow crops.
Learn about the concept of land in economics, including its definition and examples of natural resources. Understand what constitutes land and how it differs from other factors of production.
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