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Is hammer a capital resource or natural resource?
A hammer is considered a capital resource because it is a man-made tool that is used in the production of goods and services. Natural resources, on the other hand, are materials or substances that occur naturally in the environment, such as water, minerals, and forests.
What type of social scientist primarily studies how people change resources into goods and services?
An economist primarily studies how people change resources into goods and services. Economists examine the production, distribution, and consumption of goods and services within an economy to understand factors such as supply and demand, pricing, and resource allocation.
If a country has only a few natural resources it must do what?
If a country has limited natural resources, it may need to focus on diversifying its economy by developing other sectors such as technology, services, or tourism. It can also explore possibilities for trade agreements and partnerships with other countries to access resources it lacks. Additionally, investing in education and innovation can help drive economic growth and competitiveness.
What are 3 examples of physical resources and their maining?
Land - refers to natural resources like water, minerals, and forests that are used for production. Equipment - includes machinery, tools, and technology used in the production process. Buildings - physical structures used for production, storage, and distribution of goods and services.
How is trade related to the earth's resources?
Trade is closely linked to the earth's resources as it involves the exchange of goods and services that are often derived from natural resources. Global trade can lead to both overexploitation and conservation of resources, depending on how responsibly they are managed. Sustainable trade practices are essential to ensure the long-term viability of the earth's resources.
What are natural resources that are used to make goods and services considered?
labor
Natural resources that are used to make goods and services are considered what?
labor
Natural resources that are used to make goods and services are considered .?
labor
What does economist mean by the term Land?
all Natural Resources used to produce goods and services.
What are natural resources that are used to make goods and services?
labor
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.
The resources used to make all goods and services are the?
factors of production
What are the 2 basic natural resources that economic systems allocate?
Money, goods & services
What is the Combining of human capital natural and entrepreneur resources to make goods and services?
An entrepreneur.
The initiative to combine natural human and capital resources to produces goods and services is an example of what kind if resource?
Entrepreneurial Resources
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.
