Which of the following is an example of economic resources?

Prepare for the FBLA Exploring Business Concepts Test. Dive into multiple choice questions covering key business concepts. Understand the exam format with hints, explanations, and tips for success. Get ready for your exam!

Economic resources refer to the inputs used in the production of goods and services. The correct answer lists the fundamental categories of these resources, which are land, labor, capital, and entrepreneurship.

Land encompasses natural resources used in the production process, such as minerals, forests, and water. Labor represents the human effort involved in production. Capital includes the tools, equipment, and buildings that are used to produce goods and services. Lastly, entrepreneurship is the ability to combine these resources effectively to create new products or services, taking on the risks associated with starting and running a business.

These four categories are essential for producing anything of value in an economy, making them central to the concept of economic resources, unlike the other options which refer to different aspects of the economic system or outcomes rather than the resources themselves.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy