Sawaal
2
Q:

What is true about economic resources?

A) Economic resources are limited. B) Economic resources are always controlled by the government.
C) Economic resources include only money. D) Economic resources exist only at the individual level.

Answer:   A) Economic resources are limited.



Explanation:

Economic resources are those goods and services that can be converted into valuable products for individual and business purposes.

There are four major types of economic resources:

1. land,

2. labor,

3. capital and

4. entrepreneurship.

 

Land and labor are natural and human resources, while capital means physical resources or money.

Entrepreneurship converts these resources into usable goods.

 

However, resources have finite values, and proper utilization depends on economic systems and economic decisions.

Subject: Indian Economy
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO
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