Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word or phrase that best fits each of the numbered blanks from 33 to 37. Fill in the appropriate word in question 33 What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the (33) __of goods and services. Economic resources can be broken down into two general categories: property resource – land and capital, and human ...

Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word or phrase that best fits each of the numbered blanks from 33 to 37. Fill in the appropriate word in question 33

What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the (33) __of goods and services. Economic resources can be broken down into two general categories: property resource – land and capital, and human resources – labor and entrepreneurial skills.

What do economists mean (34) __________land? Much more than the non-economist, land refers to all the natural resources that are usable in the production process: arable land, forests, mineral and oil deposits, and (35) __________ on. What about capital? Capital goods are all the man-made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that (36) __________ 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 refer 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 (37) ___________ or an astronaut all fall under the general heading of labor.