Read the following passage and choose the word or phrase that best fits each of the numbered blanks What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the (9) _________of goods and services. Economic resources can be broken down into (10) _________ general categories: property resource – land and capital, and human resources – labor and entrepreneurial skills. What do economists mean (11) __________land? Much more than ...

Read the following passage and choose the word or phrase that best fits each of the numbered blanks

What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the (9) _________of goods and services. Economic resources can be broken down into (10) _________ general categories: property resource – land and capital, and human resources – labor and entrepreneurial skills. What do economists mean (11) __________land? Much more than the non-economist, land refers to all the natural resources (12) ____ are usable in the production process: arable land, forests, mineral and oil deposits, and (13)______ on. What about capital? Capital goods are all the man-made aids to producing, storing, transporting, and distributing goods and (14) ______. Capital goods differ from consumer goods in that (15) __________ satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not (16) ___________ to money. Money, as such, produces nothing. The term labor refers to the physical and mental talents of humans used to produce goods and services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet (17) ___________ or an astronaut all fall (18) __________ the general heading of labor.

In general, these are all the natural, man-made, and human resources that go into the (9) _________of goods and services.