The Basic Characteristic of an Economic Resource Is That It

question 11

Multiple Choice

The basic characteristic of an economic resource is that it

• A) is made by machine.
• B) is free.
• C) is relatively scarce.
• D) consists of buildings, equipment, and inventories.
• E) comes from the earth.

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Definitions:

Productive Resources

The resources utilized in the creation of products and services, such as land, workforce, funds, and entrepreneurial skills.

Demand

The amount of a product or service that buyers are ready and capable of buying at different price levels over a specific time frame.

Identical Amounts

Equal quantities or volumes of a particular item or variable.