Asked by Nargiza Tashmuradova on May 14, 2024
Verified
Which of the following includes 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
Basic Resources
The fundamental inputs used for production, including land, labor, capital, and entrepreneurship.
Entrepreneurial Ability
This refers to the skills and qualities that enable an individual to identify business opportunities, start, develop, and manage a business successfully.
Households
Units that consist of one or more people living together, who make joint decisions on consumption and other economic activities.
- Understand the reasoning for decisions made by households in allocating labor and resources.
Verified Answer
KS
Kentasha StayprayedupMay 20, 2024
Final Answer :
E
Explanation :
The four basic resources supplied by households are labor (the physical and mental capacity of individuals to produce goods and services), natural resources (gifts of nature that can be used to produce goods and services), entrepreneurial ability (the ability to organize and manage resources to meet a need and take risks in pursuit of profit), and capital (goods produced by one person that are then used in further production). Choice E includes all four of these resources.
Learning Objectives
- Understand the reasoning for decisions made by households in allocating labor and resources.