Taken together, the four general categories of economic resources (land, labor, capital, and entrepreneurial ability) are referred to as which of the following?

BlackTom题目解析

Question

Taken together, the four general categories of economic resources (land, labor, capital, and entrepreneurial ability) are referred to as which of the following?

BlackTom题目解析

BlackTom AI · Accepted Answer

Here is the analysis of each option in relation to the question about the four general categories of economic resources.

Option 1: 'Other-things-equal assumption' (also known as ceteris paribus). This is a fundamental methodological assumption used in economic analysis to isolate the effect of one variable by holding others constant. It does not name or describe the four resources (land, labor, capital, entrepreneurial ability), so it is not the correct label for the categories in question.

Option 2: 'Economizing problem' refers to the basic economic issue of how to allocate scarce resources to satisfy unlimited wants. While it frames why resources must be studied and managed, it does not enumerate or identify the specific resources themselves. Therefore, this option does not answer the question about the four resources.

Option 3: 'Factors of production' is the standard economic term for the four inputs used to produce goods and services: land (natural resources), labor (human effort), capital (man-made tools and equipment), and entrepreneurial ability (the innovating, risk-taking element that organizes production). This term directly matches the description given in the question.

Option 4: 'Opportunity cost' is the value of the next best alternative forgone when a choice is made. It is a core concept in cost-benefit analysis but does not name or describe the four underlying resources. Hence, it does not fit as the correct label for the four categories described.

In summary, the only option that correctly identifies the quartet of resource categories—land, labor, capital, and entrepreneurial ability—is the one labeled 'Factors of production'.

Taken together, the four general categories of economic resources (land, labor, capital, and entrepreneurial ability) are referred to as which of the following? BlackTom题目解析

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