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 23 to 27. Fill in the appropriate word in question 24 What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the production of goods and services. Economic resources can be broken down into (23) _________ general categories: property resource - land ...

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 23 to 27. Fill in the appropriate word in question 24

What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the production of goods and services. Economic resources can be broken down into (23) _________ general categories: property resource - land and capital, and human resources - labor and entrepreneurial skills.

What do economists mean (24) _________ land? Much more than the non-economist, land refers to all the natural resources (25) _________are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man­made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that (26) _________ 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 dancer or an astronaut all fall (27) _________ the general heading of labor.