A(n) ________ Resource Is One Which Can Be Replenished Over

question 39

Short Answer

A(n) ________ resource is one which can be replenished over a relatively short time span.

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Definitions:

Value Of Land

The worth of a piece of land determined by its characteristics, location, and potential uses.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.

Elastic

A characteristic of demand or supply indicating a high responsiveness to changes in price.

Pure Rent

Income received by a landowner for the use of a natural resource, land, or location that is essentially in fixed supply.