Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word for each of the blanks from 33 to 42.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 (34) general categories: property resource – land and capital, and human resources – labor and entrepreneurial skills.What do economists mean (35) ...

Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word for each of the blanks from 33 to 42.

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 (34) general categories: property resource – land and capital, and human resources – labor and entrepreneurial skills.

What do economists mean (35) land? Much more than the non-economist, land refers to all the natural resources (36) are usable in the production process: arable land, forests, mineral and oil deposits, and (37) _ on. What about capital? Capital goods are all the man-made aids to producing, storing, transporting, and distributing goods and (38). Capital goods differ from consumer goods in that (39) 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 (40) 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 (41) or an astronaut all fall (42) the general heading of labor.

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