Questions: Introduction to scarcity and the economic way of thinking Which of the following is NOT a scarce economic resource? Choose 1 answer: (A) Land (B) Labor (C) Money (D) Water (E) Capital

Introduction to scarcity and the economic way of thinking Which of the following is NOT a scarce economic resource? Choose 1 answer: (A) Land (B) Labor (C) Money (D) Water (E) Capital
Transcript text: Introduction to scarcity and the economic way of thinking Which of the following is NOT a scarce economic resource? Choose 1 answer: (A) Land (B) Labor (C) Money (D) Water (E) Capital
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Solution

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Answer

The answer is (C) Money

Explanation
Option 1: Land

Land is a scarce economic resource because it is limited in supply and cannot be increased by human effort. It includes all natural resources used in production, such as minerals, forests, and water bodies.

Option 2: Labor

Labor is also a scarce economic resource. It refers to the human effort used in the production of goods and services. The availability of labor is limited by factors such as population size, education, and skills.

Option 3: Money

Money itself is not considered a scarce economic resource. While it is a medium of exchange and a store of value, it is not a productive resource like land, labor, or capital. Money facilitates transactions but does not directly contribute to the production of goods and services.

Option 4: Water

Water is a scarce economic resource, especially in regions where it is not abundantly available. It is essential for life and is used in various economic activities, including agriculture, industry, and domestic use.

Option 5: Capital

Capital is a scarce economic resource. It includes tools, machinery, and buildings used in the production of goods and services. Capital is limited and requires investment to be created and maintained.

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