Economic Resources

Economic Resources are ________

• Wood, Electricity, Water, Money

• Land, Labour, Capital and Organization

There are two main ways of utilizing the economic resources of the country

• True

• False

Private Ownership means_________

• Capitalism

• Socialism

Public Ownership means_________

• Capitalism

• Socialism

_____________________ is the money or wealth needed to produce goods and services in the business

• Labour

• Capital

• Land

• Organization

Economic Resources are Productive, used in production.

• True

• False

Economic Resources are also Called ________________

• Wealth

• Unlimited Resources

• Factor of production

Under a Capitalism economy, the Owner uses these economic resources to earn maximum profit

• Ture

• False

Under a Capitalism economy, consumers liking and disliking is not given any importance.

• Ture

• False

Under a Capitalism economy, It's a competitive market environment.

• Ture

• False