The Economic Resource That Organizes the Use of Other Economic

question 272

Multiple Choice

The economic resource that organizes the use of other economic resources is called

• A) labor.
• B) capital.
• C) entrepreneurship.
• D) land.

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Definitions:

Financial Position

A snapshot of the resources, obligations, and net worth of an entity at a specific point in time.

Market Value

The current price at which an asset or service can be bought or sold in an open and competitive marketplace.

Loss Carry-Back

Using a year’s capital losses to offset capital gains of previous years.

Capital Losses

Losses incurred when a capital asset is sold for less than its purchase price.