a) A limited resource is a product or service that is subject to scarcity.
b) A limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.
c) A limited resource is a factor used by individuals, governments, and businesses to determine the value of trade-offs.
d) A limited resource is a product or service that has its price managed by the government because of scarcity.
My answer is B, is that correct? I just want to check my answer.
Yes, your answer is correct.
Yes, your answer (b) is correct. A limited resource can be defined as a factor of production that is required to produce a product or provide a service, and it is both scarce and can be depleted.
To arrive at this answer, it is important to understand the concept of limited resources. Limited resources are resources that are not available in unlimited quantities, meaning that they are scarce. Examples of limited resources can include natural resources such as land, water, minerals, and energy, as well as labor, capital, and time.
In order to produce a product or provide a service, various factors of production, such as land, labor, capital, and entrepreneurship, are required. These factors are considered limited resources because they are both scarce and can be depleted. For example, land is a limited resource because there is only a finite amount of it available, and once it is used for a particular purpose, it cannot be used for another purpose.
Therefore, answer (b) correctly captures the idea that a limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.