The alternative combinations of goods and services that can be produced in a given time period with available resources and technology is referred to as Production Possibilities.
- The various product combinations that, using all available resources and technology, could be made in a certain amount of time.
What are manufactured goods used to make other goods and services?
Capital goods are manufactured goods that are used to create other products and services.
What are the resources used to make goods and services called?
- The resources that people use to create goods and services are referred to as factors of production in economics.
- They serve as the foundation of the economy. The four categories of factors of production that economists distinguish between are land, labor, capital, and entrepreneurialism.
What are 3 types of resources?
- A resource can be classified as renewable or nonrenewable based on whether it can replenish itself at the rate it is used up or if it has a finite supply.
- Timber, wind, and solar power are examples of renewable resources, whereas coal and natural gas are examples of non-renewable resources.
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