Resources Found in Nature, Such as Land, Water, Forests, Mineral

question 18

Multiple Choice

Resources found in nature, such as land, water, forests, mineral deposits, and air are called:

• A) land resources.
• B) labor resources.
• C) capital resources.
• D) natural resources.

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Definitions:

Clockworks Co.

A hypothetical or generic name that could be used to refer to a company specializing in mechanical devices, especially those involving gears and timekeeping mechanisms.

Contribution Margin Ratio

The ratio that indicates the percentage of each sale that exceeds the variable costs, calculated by subtracting variable costs from sales revenue and dividing by sales revenue.

Fixed Costs

Fixed costs are business expenses that do not change with the level of goods or services produced, such as rent, salaries, and insurance premiums, providing stability in business planning.

Break-Even Point

The point at which total costs and total revenue are equal, meaning no net loss or gain, and one has "broken even".