Question

What are the basic types of resources used by producers? Check all that apply.

Answer 1

The basic types of resources used by producers are capital, labor and land. 

Answer 2

A producer is someone who combines capital and labor to create something with value. For example, a carpenter takes planks of wood (capital) and uses them (labor) to make a table, which he can sell at the market (value). With the money he earns he can buy more planks of wood, or other goods and services provided by other producers. As you can see it's a cycle.