What term describes the natural, human, and capital resources used to produce goods and services?

Get ready for the MCAP Government Comprehensive Test. Utilize flashcards and multiple-choice questions, each with hints and explanations. Ace your exam!

The term that best describes the natural, human, and capital resources used to produce goods and services is economic resources. Economic resources are categorized into different types: natural resources (like land and raw materials), human resources (like labor and skills), and capital resources (like machinery and tools). These resources are essential for the production process, enabling businesses to create goods and provide services that meet consumer needs.

Consumption pertains to the use of goods and services by consumers, reflecting the demand side of the economy rather than the resources used for production. Investment assets refer to items that are acquired with the expectation of generating income or appreciation, and while they can contribute to productive capacity, they do not encompass all resource types directly. The labor force specifically refers to the group of individuals engaged in or available for work, which is just one segment of economic resources rather than the complete picture.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy