List and describe the four broad categories of resources. Cite an example of each to help support your answer
Economists divide resources into four categories: land, labor, capital, and entrepreneurship. Land refers natural resources such as minerals, forests, water, oil, animals, and undeveloped land. Labor consists of the physical and mental talents people contribute to the production process, for example a teacher in a classroom. Capital is produced goods used in the production of other goods, such as buildings, tools, and equipment. Entrepreneurship consists of the talent that some people have for organizing the other resources to produce goods and develop new ways of doing things.
You might also like to view...
If the economy is in an inflationary boom, the Fed would most likely
a. encourage banks to provide loans by buying government securities. b. encourage banks to provide loans by raising the discount rate. c. encourage banks to provide loans by selling government securities. d. restrict bank lending by selling government securities. e. restrict bank lending by lowering the federal funds rate.
If the equilibrium price of lettuce is $.80 per head and the government imposes a price floor of $.70 per head, the price of lettuce will
A. decrease to $.70. B. remain at $.80. C. decrease to $.75. D. be impossible to determine.
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC = 200 + .3Q. The demand curve faced by the industry is given as P = 400 - .1Q. What is the producer and consumer surplus in the entire market?
What will be an ideal response?
What matters most during a bank run is:
A. the solvency of the bank. B. the liquidity of the bank. C. the number of loans outstanding. D. the size of the bank's assets.