
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
Choose the correct answer:
Which category of scarce resources has the correct matching list?
- Land: whiteboard in a classroom, a barbershop owner, professor at a college
- Capital: mirror in a barbershop, ATM machine at a bank, a bank clerk, arable land
- Labor: professor at a college, nurse at a hospital, doctor at a hospital, mayor of a city
- Enterpreneurship: a partner in a law firm, a stockholder, software at accounting firm
Which category of scarce resources has the correct matching list?
- Land: whiteboard in a classroom, a barbershop owner, professor at a college
- Capital: mirror at a barbershop, ATM machine at a bank, oven at a pizzeria, bank clerk
- Labor: professor at a college, landlord of a real estate-firm, doctor at a hospital, mayor of a city
- Enterpreneurship: a partner in a major law firm, a stockholder, a bestselling author
Expert Solution

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Step 1
Scarce Economic Resources:
Scarcity in terms of economics is the basic problem of the economy. All the resources whose supply is limited to fulfill the consumer's unlimited wants are regarded as scarce resources. The problem of limited resources requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible. Labor, capital, land, and entrepreneurship used by society to produce consumer goods and services and satisfies their wants.
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