What Are the Four Basic Resources Supplied by Households

question 96

Multiple Choice

What are the four basic resources supplied by households?  

• A) natural resources, labour, intelligence, and capital 
• B) money, labour, natural resources, and entrepreneurial ability 
• C) intellectual ability, physical ability, money, and natural resources 
• D) labour, capital, natural resources, and entrepreneurial ability

---

Definitions:

Bilateral Contract

An agreement between two parties in which each party commits to performing a specific obligation.

Consideration

In a contractual agreement, it is the value or promise that each party agrees to exchange.

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.

Illusory Contract

An agreement that fails to bind at least one of the parties due to the lack of a definite promise or because the terms allow for withdrawal without consequence.