Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
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Question
Chapter 1, Problem 1CYU
To determine
The question requires us to determine the example of resources.
Expert Solution & Answer
Explanation of Solution
Resources or factors of production can be classified into four categories:
- Land: Piece of land including timber, water, and other natural resources
- Labor: skilled or semi-skilled workers
- Capital: Machinery
- Entrepreneurship: Strategies and innovation
Suppose a firm is producing paper for notebooks then the resources are:
- Land: raw material from woods and plants
- Labor: time spent on preparing paper by skilled or semi-skilled workers
- Capital: Machinery and building for workers to work on.
- Entrepreneurship: Strategies, management and skills of workers and head authority of the firm.
Economics Concept Introduction
Resources are the factors of production that help in producing final or intermediate goods.
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