Which of the Following Include the Four Basic Resources Supplied

question 198

Multiple Choice

Which of the following include the four basic resources supplied by households?

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

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Definitions:

Output

The amount of goods or services produced by a company, industry, or country within a specific period.

Cost

The monetary value spent to produce or obtain goods and services, including manufacturing, material, labor, and overhead costs.

Units

Basic quantities or measures adopted to quantify and measure goods, services, or any other items.

Production Function

A mathematical representation that explains how inputs in production are related to the goods or services produced.