[Answer] 7. What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?

Answer: Economic resources are the land labor capital and entrepreneurial ability that are used in the production of goods and services.Categories are land labor capital and entrepreneurial.Factors of production because they produce products or services. Inputs are just another word for factors of production.

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7. What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs? Economic resources are the land labor capital and entrepreneurial ability that are used in the production of good services and productive agents factors of production. Categories are land labor capital and entrepreneurial . They are factors of … Economic resources are the land labor capital and entrepreneurial ability that are used in the production of goods and services. Categories are land labor capital and entrepreneurial . Opportunity cost is the amount of other products that must be sacrificed to produce a unit of a product. These resources are the goods and services from using which products valued by consumers are produced. Economists clasify them into Natural Resources Human Resources and Capital Resources . . These resources are also called the factors of production or inputs since these are used in production of final good and services which are consumed by consumers. Sat Aug 23 2014 · Economists study how society distributes resources such as land labor raw materials and machinery to produce goods and services. They may conduct research collect and analyze data monitor economic trends or develop forecasts. Economists research a wide variety of issues including energy costs ... Mon Sep 08 2008 · - economic resources are all human natural and manufactured resources used in the producing of goods and services . - There are 2 categories of resources: human resources: Labour and Entrepreneurial ability . property resources...

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