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All goods are produced using three primary resources, known as the factors of production: land, labor, and capital. Land refers to Natural Resources used in the creation of goods, such as minerals, water, and forests. Labor encompasses the human effort and skills involved in producing goods, while capital includes the tools, machinery, and technology used in the production process. Together, these resources are essential for the creation and distribution of goods in an economy.
What else can I help you with?
The resources used to make all goods and services are the?
factors of production
Why are all goods and services scarce in the economy?
Goods and services are scarce in the economy because there are limited resources available to produce them, and the demand for these goods and services exceeds the available supply. This scarcity forces individuals and businesses to make choices about how to allocate resources efficiently.
Why all goods and services are scarce?
All resources are scarce.
What does economist mean by the term Land?
all Natural Resources used to produce goods and services.
All goods and services are scarce because the resources that compose them are scarce?
Resources are limited .
What are resources used to make all goods and services?
factors of production
What are resources used to make all goods and services called?
factors of production
The resources used to make all goods and services are the?
factors of production
What are capital resources?
Capital resources are goods produced and used to make other goods and services. They include tools, machines, and factories used to produce goods.
Why are all goods and services scarce in the economy?
Goods and services are scarce in the economy because there are limited resources available to produce them, and the demand for these goods and services exceeds the available supply. This scarcity forces individuals and businesses to make choices about how to allocate resources efficiently.
Why all goods and services are scarce?
All resources are scarce.
What does economist mean by the term Land?
all Natural Resources used to produce goods and services.
When markets make economics decisions convert resources into goods and services?
Demand will always force markets to make economic decisions to convert resources into goods and services. Without demand. There is any reason to convert the resources.
Why goods and services are scarce?
All resources are scarce.
What are natural resources that are used to make goods and services?
labor
All goods and services are scarce because the resources that compose them are scarce?
Resources are limited .
Natural resources that are used to make goods and services are considered .?
labor
