Econ 1001 Chapter 1 with
complete verified solutions
Economics - answer Study how people use scarce resources to satisfy their
unlimited wants
Resources - answer Factors of Production: Land, Labor, Capitals and
Entrepreneurial Ability
Labor - answer Any physical or mental effort used to produce goods and
services
Capital - answer Buildings Equipment and human skills used to produce
goods
Natural Resources - answer Gifts of Nature can either be exhaustible and
renewable
Entrepreneurial Ability - answer The imagination required to develop a new
product or process, skills needed to be organized and willingness to take on
risk
Entrepreneur - answer profit seeking decision maker who starts an enterprise
to bring that idea to life, assumes risk of operation
Wages - answer Payments to resource owner for their labor
Interest - answer payment to resource owner for their capital
rent - answer payment to resource owner for their natural resource
complete verified solutions
Economics - answer Study how people use scarce resources to satisfy their
unlimited wants
Resources - answer Factors of Production: Land, Labor, Capitals and
Entrepreneurial Ability
Labor - answer Any physical or mental effort used to produce goods and
services
Capital - answer Buildings Equipment and human skills used to produce
goods
Natural Resources - answer Gifts of Nature can either be exhaustible and
renewable
Entrepreneurial Ability - answer The imagination required to develop a new
product or process, skills needed to be organized and willingness to take on
risk
Entrepreneur - answer profit seeking decision maker who starts an enterprise
to bring that idea to life, assumes risk of operation
Wages - answer Payments to resource owner for their labor
Interest - answer payment to resource owner for their capital
rent - answer payment to resource owner for their natural resource
