Asked by jordan laguna on May 20, 2024
Verified
Statement I.Resources are often referred to as "the means of production."
Statement II.Capital is a resource.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Means of Production
The resources—including land, labor, capital, and technology—used to produce goods and services in an economy.
Capital
Wealth in the form of money or assets, used in the production of more wealth.
- Understand the role of resources and capital in the production process.
Verified Answer
ZS
Zeinab SamhatMay 22, 2024
Final Answer :
C
Explanation :
Both statements are true. Resources, including capital, labor, and natural resources, are indeed referred to as "the means of production" in economics. Capital, which can be financial or physical, is considered a type of resource used in the production of goods and services.
Learning Objectives
- Understand the role of resources and capital in the production process.
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