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What best explains the role that labor has in the production of goods and services?
Land,labor, and capital are all resources of production necessary to produce goods and services.
Which statement BEST explains the role that labor has in the production of goods and services?
land,labor, and capital are all resources of production necessary to produce goods and services
What is needed to produce goods and services?
Productive resources: Human, Capital, Natural, Management, Entrepreneurs, and Technology
Why must firms make decisions about which goods they will produce?
because firms have access to limited resources of land, labor, and capital
Why is scaraity neaessary?
It is not necessary as such, but simply there. Scarce resources form the basis of economics, as it is essentially about determining which uses scarce resources will flow into. As we can't produce all we want with the given resources, it has to be determined what those resources will be used for.
What best explains the role that labor has in the production of goods and services?
Land,labor, and capital are all resources of production necessary 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.
Which statement BEST explains the role that labor has in the production of goods and services?
land,labor, and capital are all resources of production necessary to produce goods and services
What are examples of capital resources?
Capital resources are any goods that are used in the production process to produce a good or service.Capital Resources:TrucksBuildingsToolsCellphonesPrintersFax MachineEaselsMarkers
Capital resources needed to produce a dental office?
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Is money a capital resources?
No because money don't produce anything.
Is a chair a capital resource?
Chair is not considered a capital resource. Capital resources are the items that is used to produce a certain product. For example, machines are capital resources. Chair is more of a finished product, which is then sold.
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 physical resources important?
Physical resources are commonly thought as sources of supply or support, the primary types are capital and human resources. Capital resources are the tools such as equipment and machinery and infrastructure used to produce the product or service.
Is workers a capital resource?
No, workers are not considered a capital resource; they are classified as labor. Capital resources refer to the tools, equipment, and facilities used to produce goods and services. While workers contribute to the production process, they represent human resources rather than capital resources. Labor and capital are distinct factors of production in economics.
What do you call the four resources needed to produce goods and services?
land, labor, capital and entrepreneurship
What is needed to produce goods and services?
Productive resources: Human, Capital, Natural, Management, Entrepreneurs, and Technology
