Business, 12.07.2019 05:00 masogreene123

What are economic resources? what categories do economists use to classify them? why are resources also called factors of production? explain: "if resources were unlimited and freely available, there would be no subject called economics."?

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Answer from: Kiki18love

1. What are economic resources?

Economics is normally alluded to as the social investigation of the allotment of products and services utilized by purchasers and organizations. Resources are an indispensable piece of economic study since they are the things devoured by people and organizations.

Economic resources refers to the goods or services accessible to people and organizations used to deliver significant consumer items.

2. what categories do economists use to classify them?

The following are the four essential kinds of economics resources:

Land – common assets, for example, press mineral, gold, jewels, oil, and so forth. Labor – HR, for example, wage-earning laborers Capital – plants and hardware utilized in the creation of conclusive merchandise, for example, mechanical production systems, trucks, rock solid apparatus, processing plants, and so forth. Entrepreneurship – the marshaller of assets, the individual or gathering that marshals assets in the creation of final goods.

3. why are resources also called factors of production?

The great economic resources incorporate land, labor and capital. Entrepreneurship is additionally viewed as a economic asset since people are in charge of making organizations and moving financial assets in the business condition. These economic resources are likewise called the factors of production since they are utilized to deliver products and ventures. The factors of production depict the capacity that every asset performs in the business condition.

4. explain: "if resources were unlimited and freely available, there would be no subject called economics."?

On the off chance that resources were unlimited and openly accessible, a large number of our present decisions would be pointless. Each individual could have as much as they needed of any great or administration, rendering economics, the art of decision, to a great extent superfluous. Nonetheless, given our meaning of assets, there would at present be applications regarding our assignment of time and space, for instance. Indeed, even with a nonattendance of shortage of products to expend, these characteristic impediments impact what and the amount we devour. An abundance of educational resources would not wipe out the need to pick what subjects to educate and how much time to apportion to each.

Answer from: Quest

Answer the difference between the highest price a consumer is willing to pay for goods and the price the consumer actually pays

Answer from: Quest

Answersubstitutes; complements;

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What are economic resources? what categories do economists use to classify them? why are resources...

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