Households Supply Four Basic Types of Resources

question 29

Multiple Choice

Households supply four basic types of resources.They include all of the following except

• A)natural resources
• B)final goods and services
• C)capital
• D)entrepreneurial ability
• E)labor

---

Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods or services sold by a company, including materials and labor costs.

Cost of Goods Manufactured

The total production cost of goods that have been completed in a specific accounting period, including labor, materials, and overhead costs.

Depreciation Expense

Distributing the cost of a physical asset methodically over the time it is useful.

Direct Labor

The labor or workforce directly involved in the production of goods or providing services, considered a variable cost in manufacturing.