Natural Resources Are

question 138

Multiple Choice

Natural resources are:

• A) not considered scarce because no one pays for them.
• B) only desired for use in producing other goods.
• C) included in the category of resources called land.
• D) available in unlimited quantities.

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Definitions:

Open Systems Model

A theory or model that views any system as being interconnected with its environment and influenced by external factors.

Transformation Process

A method by which inputs are converted into outputs in a business operation, altering the nature, form, or function of materials or information.

Feedback Loop

A process whereby a system's output is circulated back as input, modifying the system's behaviour or output.

Resource Inputs

The various resources (such as labor, capital, materials) required in the production process of goods or services.