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Consider the following statements:
Statement 1: Resources or factors of production can be natural, human, capital, and entrepreneurial.
Statement 2: An economy must make a choice of the wants which are important for the economy.
Both Statements are true
Both Statements are false
Statement (1) is only true
Statement (2) is only true
Option (1) is correct.
Explanation: Resources are scarce and can be of four types; natural (land), human (labour), capital (machines), and entrepreneurship. For answering the question how to produce?", an economy must make a choice of the wants which are important for the economy. Even though the two statements are not linked together, both are true individually.
By: Parvesh Mehta ProfileResourcesReport error
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