A resource is something that
A)is used to produce goods and services
B)is provided by nature, not made by society
C)exists in unlimited quantities
D)must be produced by a firm
E)consumes goods and services

Question

Quizplus · Accepted Answer

A resource is something that is used to produce goods and services, which refers to factors of production such as labor, land, capital, and entrepreneurship. Resources are utilized to create products or services, which can then be sold in the market or used to support an organization's operations. Therefore, choice A is the best answer. Choice B is partly correct, as some resources are provided by nature, but not all resources fall in this category. Choice C is incorrect, as most resources are limited and must be managed carefully. Choice D is incorrect, as resources can be produced by firms, but not all resources are created in-house. Choice E is incorrect, as resources do not consume goods and services, but rather, goods and services are created using resources.

A Resource Is Something That