Answer to Question #101405 in Microeconomics for Brent Dela cruz

Question

What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?

Answer 1

Economic resources are the goods or services available to individuals and businesses used to produce valuable consumer products. The classic economic resources include land, labor and capital. Resources also called factors of production or inputs, because they are used in production of goods and services.