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Human-made resources (buildings, machinery, and equipment) used to produce goods and services; goods that do not directly satisfy human wants; also called capital goods.
Capital, as economists use the term, A) is the money the firm spends to hire resources. B) is money the firm raises from selling stock. C) refers to the process by which resources are transformed into useful forms.
Each of these is an economic resource except: A) land. B) labor. C) capital. D) technology.
What is the capital resource? All the resources people make and use to produce and distribute goods and services. What is the entrepreneurship resource? The combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses. What is the circular flow model? Visualizes how interactions occur in ...
Resources are scarce because we live in a world in which humans’ wants are infinite but the land, labor, and capital required to satisfy those wants are limited. This conflict between society’s unlimited wants and our limited resources means choices must be made when deciding how to allocate scarce resources.
8 Δεκ 2023 · In economic theory, physical capital is one of the three main factors of production, along with human capital and land/natural resources. It consists of human-made goods—machinery, vehicles, and...
