Question

Economists classify resources, or factors of production, into four general categories. Determine whether each statement about resources is true or false. The resource category land refers to all natural resources, including fertile land, forests, mineral deposits, solar and wind energy, and water. The resource category labor refers to the mental and physical productivity of workers. The resource category capital refers to financial assets, such as bank accounts, bonds, certificates of deposits, and stocks. The resource category entrepreneurial ability refers to business skills such as the management of resources, the drive to innovate, and the willingness to bear risk.

Answer 1

Answer and Explanation:

The first statement is true as the land refers to the all-natural resources that consist of fertile land, forest, etc

The second statement is also true as it states the mental and the physical productivity of workers

The third statement is false as the capital involved the tools, machinery, equipments, etc

And, the last statement is true as the entrepreneur ability states the resources management, innovative drive, etc