A limited resource is: A. A limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.
A limited resource can be defined as the resources such as land, labor, capital, time and entrepreneurship which are typically required for the production goods and services are finite and scarce in nature. Thus, these resources can be depleted (exhausted) if not properly allocated and utilized by manufacturers.
Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.
There are four (4) main factors of production and these are;
I. <u>Land</u>: this refers to the natural resources and raw materials extracted from the ground or grown in the soil e.g oil, gold, rubber, cocoa, etc.
II. <u>Labor (working)</u>: this is the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.
III. <u>Capital resources</u>: it includes the physical assets used for production of goods and services such as equipment, money, plant, etc.
IV. <u>Entrepreneurship</u>: it is the intellectual capacity required to drive a business and the skills to develop an idea into a money making venture (business).
Basically, all of the aforementioned resources are combined by manufacturers for the production of goods and services to meet the demand, needs, wants or requirements of consumers.
In conclusion, a limited resource refers to the factor of production ( land, labor, capital, and entrepreneurship) that mainly required to produce a product or provide a service, but it is scarce in nature and can be depleted.
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