Which of the following is true of resources? Group of answer choices All of these are true. Entrepreneurship organizes resources to produce goods and services. Labor is the mental and physical capacity of workers to produce goods and services. Resources are inputs used to produce goods and services.

Question

Gavyn Odonnell

Social Studies

4 May, 06:31

Which of the following is true of resources? Group of answer choices All of these are true. Entrepreneurship organizes resources to produce goods and services. Labor is the mental and physical capacity of workers to produce goods and services. Resources are inputs used to produce goods and services.

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Answers (1)

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Mcpherson · Answer 1

All statements are true about resources.

Explanation:

Resources are converted into finished goods by the manufacturer.

It can be said they are input to get the ultimate goods or services. Labor or workforce is a human resource that plays an important role in transforming the raw materials into finished one. Without resources, nothing could be produced in an economy. Resources can be classified based upon their availability as "renewable" (air, water etc.) and "non-renewable" resources (crude oil, coal etc.). They can be categorized on basis of origin also as biotic and abiotic. It could be said that resources are "energy, services, staff, materials, knowledge, or other assets" that are converted to produce benefit to humans.