Which of the Following Are the Three Major Categories of Resources

question 27

Multiple Choice

Which of the following are the three major categories of resources?

• A) physical capital,technology,institutions
• B) land,labor,technology
• C) institutions,human capital,land
• D) natural resources,physical capital,human capital
• E) labor,physical capital,technology

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Definitions:

Taking a Loss

The action of selling an asset for less than its purchase price, resulting in a financial loss for the seller.

Regulated Natural Monopolies

Companies that operate in a market with no competition due to high infrastructure costs, but their prices and services are regulated by the government to protect consumers.

Public Utilities

Companies that provide essential services such as water, electricity, and telecommunications to the public, usually subject to government regulation.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of operations and output increases.