Multiple Choice
A society's ability to produce needed goods and services is permanently reduced if it:
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0. Basic Principles of Economics
Scarcity and Choice
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Which of the following is considered one of the four scarce economic resources?
A
Government
B
Technology
C
Money
D
Labor
Verified step by step guidance1
Understand the concept of scarce economic resources, also known as factors of production, which are inputs used to produce goods and services and are limited in supply.
Recall the four main categories of scarce economic resources: Land, Labor, Capital, and Entrepreneurship.
Analyze each option given: Government is an institution, not a resource; Technology is a method or knowledge, not a direct resource; Money is a medium of exchange, not a productive resource itself.
Identify Labor as the human effort used in production, which is one of the four fundamental scarce economic resources.
Conclude that among the options, Labor is correctly classified as one of the four scarce economic resources.
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