AP Econ questions 2-4

Christian Boujaoude September 12, 2014 AP Economics Wolff Pd. 3 Study Questions #?s 2-4 2. Economic resources are the natural, human, and manufactured inputs used to produce goods and services. Economic resources fall into four main categories: labor, land, real capital and entrepreneurs. Economic resources are also called factors of production because they are used to produce goods and services. If resources were unlimited and freely available, many of our current choices would be unnecessary. Every person could have as much as they wanted of any good or service, rendering economics, the science of choice, largely unnecessary.