Households Supply Four Basic Types of Resources

question 132

Multiple Choice

Households supply four basic types of resources. They include all of the following except _____

• A) natural resources.
• B) goods and services.
• C) capital.
• D) entrepreneurial ability.
• E) labor.

---

Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing to purchase at a given price.

Demand Curve

A chart that illustrates how the quantity of a product demanded is related to its price.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity supplied.

Quantity Supplied

Refers to the amount of a certain good or service that producers are willing and able to sell at a given price.