Question

The economic resource of business are called
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Answer 1

Answer:

Land, labor, capital, and entrepreneurial ability which are used in the production of goods and services. They are economic resources because they are scarce (limited in supply and desired). Also called the factors of production. « Back to Glossary Index.

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Answer 2

Answer:

• They are called "factors of production"
• Economic resources are also called factors of production or inputs in the productive process. As these names imply, economic resources are required to produce the outputs desired by society.

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