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Macroeconomics 20th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 20ISBN: 978-0077660895Macroeconomics 20th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 20ISBN: 978-0077660895 Exercise 2
What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?
Explanation
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Economic resources are those natural, human and manufactured resources which are used in the production of goods and services. It includes the wholeWe often classify economic resources in to four categories:
1. Land
2. Labor
3. Capital
4. Entrepreneurial Ability.
These resources are called factors of production because of their assistance in the production process.
These are also called inputs because they are the ingredients which help in finally producing output (goods and services).
1. Land
2. Labor
3. Capital
4. Entrepreneurial Ability.
These resources are called factors of production because of their assistance in the production process.
These are also called inputs because they are the ingredients which help in finally producing output (goods and services).
Macroeconomics 20th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
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