Chapter 1, Problem 2CYU

Solution

a)

The question requires us to determine the type of resource.

Resource is something that can be used to produce the final and intermediate goods. Resources are also known as factors of production.

Resources are classified into four major categories:

• Land
• Labor
• Capital
• Entrepreneurship

Time spent on making pizza is an example of labor resource.

Labor resource consists of skilled, semi-skilled, non-skilled, and various other types of workers. These workers help in producing goods and services.

A labor is spending his time in making pizza in a restaurant. So, it is an example of labor resource.

b)

The question requires us to determine the type of resource.

A bulldozer is an example of capital resource.

All types of machinery, tools, and buildings are the type of capital resources. A bulldozer is a machine used in construction and other works.

So, bulldozer is an example of capital resource.

c)

The question requires us to determine the type of resource.

A river is an example of land resource.

River is considered a land resource as it comes under the natural resource which helps in the production process.