Which of the following describes human effort in economics?

A. Human effort is not considered a part of economics.

B. Human effort is one of the resources of production.

C. Human effort is affected by economics, but is outside economic theory.

D. Human effort is the only real resource of production.

Question

Social Studies

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21 December, 03:53

Which of the following describes human effort in economics?

A. Human effort is not considered a part of economics.

B. Human effort is one of the resources of production.

C. Human effort is affected by economics, but is outside economic theory.

D. Human effort is the only real resource of production.

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Answers (1)

Know the Answer?

Emery Morris · Answer 1

The correct answer is letter B.

Explanation: The factors of production are the goods necessary for the realization of a given end product. It is the elements that make the existence of production possible. Classically, an economic theory considers three factors of production: capital, labor, and natural or terrestrial resources.

Which of the following describes human effort in economics?A. Human effort is not considered a part of economics.B. Human effort is one of the resources of production.C. Human effort is affected by economics, but is outside economic theory.D. Human effort is the only real resource of production.