E2020 Economics
Subject:
Economics [1]
Any resources that are made by humans and used to create other goods and services are called: Capital. Which of the following lists would an economist consider land? Iron ore, Natural gas, Fertile Soil, Water. An example of a shortage is limited amounts of food available because the trucks carrying it are on strike. Land, Labor, and Capital. Factors of Production. The resources used to make all goods and services are the Factors of Production. Actions or activities that one person performs for another. Services. Physical objects that can be exchanged. Goods. Paid effort that people devote to a task. Labor. Temporary lack of one or more goods. Shortage.