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What does economist mean by the term Land?
all Natural Resources used to produce goods and services.
What are the three main kinds of resources and how is each one define?
The three main kinds of resources are natural, human, and capital. Natural Resources are gifts of nature, human resources are skills people have to produce goods and services, and capital resources are the things people make, such as machines and equipment, to produce goods and services.
What are the factors of production?
The four main factors of production are: labor, capital, Natural Resources, and entrepreneurship.Examples of each:Labor- the mental/physical effort used to produce goods/servicesCapital- includes machinery to produce and distribute goods/services (such as factories)Natural resources- land, oceansEntrepreneurship- selling products door-to-doorspeed and effieciency
What is needed to produce goods and services?
Productive resources: Human, Capital, Natural, Management, Entrepreneurs, and Technology
Why do countries differ in their capacities to produce different goods and services?
Due to there capabilities by there natural resources and labor.
What are the three types of resources for economics and explain each?
Natural - Raw materials supplied by nature.Human - The people who work to produce goods and services.Capital - The tools equipment and buildings that are used to produce goods and services.
What Factor's of production?
The four main factors of production are: labor, capital, Natural Resources, and entrepreneurship.Examples of each:Labor- the mental/physical effort used to produce goods/servicesCapital- includes machinery to produce and distribute goods/services (such as factories)Natural Resources- land, oceansEntrepreneurship- selling products door-to-doorspeed and effieciency
What are factor of production?
The four main factors of production are: labor, capital, Natural Resources, and entrepreneurship.Examples of each:Labor- the mental/physical effort used to produce goods/servicesCapital- includes machinery to produce and distribute goods/services (such as factories)Natural resources- land, oceansEntrepreneurship- selling products door-to-doorspeed and effieciency
What is the difference between natural resources and capital resources?
Natural resources are materials or substances found in nature that can be used for economic gain, such as water, forests, and minerals. Capital resources, on the other hand, are man-made goods used to produce other goods and services, like machinery, tools, and buildings. Essentially, natural resources come from nature, while capital resources are created by humans.
Which of these is used to produce goods for people to buy?
resources...
What does it mean when economist says that an area specializes in producing certain products?
They use their resources to produce a limited range of goods.
What does an economist mean by the term land?
all Natural Resources used to produce goods and services To economists, the term land included fertile land for farming as well as the products that are in or on the land, such as coal or water.
