Because economic resources are used to produce goods and services, they are called quizlet

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What are the resources used to make goods and services called quizlet?
What is considered an economic resource?
Which of the following occurs when limited economic resources are used?
Why is money not considered an economic resource?

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A. Poverty could be eliminated but scarcity could not.

Poverty is a condition that refers to the lack of sufficient income to cover the basic necessities of life, such as food, clothing, shelter, water and health care. The government defines the poverty line, a set of income thresholds that vary by family size. If a family's income is below the poverty line, that family is considered to be poor. Since poverty refers to a family's income condition, and income could increase above the poverty line, then poverty could be eliminated. Scarcity, on the other hand, refers to the fact that human needs and wants are unlimited, and that economic resources are limited, thus scarcity cannot be eliminated.

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What are the resources used to make goods and services called quizlet?

The resources used to make all goods and services are called the factors of production.

What is considered an economic resource?

Economic resources Things that are inputs to production of goods and services. There are four economic resources: land, labor, capital, and technology. Technology is sometimes referred to as entrepreneurship.

Which of the following occurs when limited economic resources are used?

One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.

Why is money not considered an economic resource?

No, money is not an economic resource. Money cannot be used by itself to produce anything as it is a medium of exchange for economic resources. Money may seem like an economic resource because of its power to keep a business running, but it is a veil for past value and does not contain any value in itself.