Compared with the Rest of the World in 2010, the United

question 20

Multiple Choice

Compared with the rest of the world in 2010, the United
States was MOST abundant in:

• A)capital.
• B)skilled labor.
• C)less­skilled labor.
• D)arable land.

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Definitions:

Oil

A fossil fuel used primarily for energy production and as a raw material in the manufacture of plastics and other important chemicals.

Price Of Resource

The financial cost required to obtain or use a particular resource.

Producers

Entities or individuals that create goods or provide services, playing a crucial role in the supply side of an economy.

Resource Prices

refer to the costs associated with procuring the natural, human, and capital inputs required for the production of goods and services.