In Economics, What Is the Definition of Natural Resources

question 104

Multiple Choice

In economics, what is the definition of natural resources?  

• A) the buildings, equipment, and human skills used to produce goods and services 
• B) the time and the physical and mental efforts used to produce goods and services 
• C) the imagination required to develop a new product or process 
• D) all gifts of nature used to produce goods and services NOT considered scarce because they are NOT produced by society

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Definitions:

Perfect Positive Relationship

A correlation in which one variable increases exactly as the other one increases, represented by a correlation coefficient of +1.

Correlation Coefficient

A numerical measure that quantifies the strength and direction of a relationship between two variables.

Variables

Elements or characteristics that can vary within or across subjects.

Correlation

A statistical measure that expresses the extent to which two variables change together, indicating a relationship or association.