Whether a company creates products or services, it requires things like labor, time, tools, land, and raw materials to operate, which are otherwise known as _____.
(1 point)
Responses
economic services
economic services
economic goods
economic goods
economic resources
economic resources
economic scarcity
The correct answer is "economic resources." Economic resources refer to the various inputs that a company needs to produce goods or services. These resources include labor (the work done by employees), time, tools, land, and raw materials. They are essential for a company's operations and are necessary to create its products or deliver its services.
To determine the answer, you can break down the question and consider the different options presented. In this case, the options provided are "economic services," "economic goods," and "economic resources." By reading the question carefully, you can identify that it mentions labor, time, tools, land, and raw materials as the required elements for a company to operate. This aligns with the concept of economic resources, which encompass these factors. Therefore, "economic resources" is the correct answer.
economic resources
What deals with how the economy at large functions by looking at variables such as inflation, price levels, national income, unemployment and more?
(1 point)
Responses
microeconomics
microeconomics
explicit
explicit
macroeconomics
macroeconomics
implicit
What economic utility has to do with how and where a product is made available to the public, whether it be a physical storefront anywhere in the world, a website, or an app?
(1 point)
Responses
form
form
time
time
place
place
possession
possession