What is the purpose of economics Brainly?
Answer. Explanation: Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently.
How can you apply economics in your daily life Brainly?
Explanation: Economics can be applied in daily life by buying and selling goods. Economics helps us in studying the past, future, and current models and apply themes to societies, government, businesses, and individuals.
Do you consider money as capital in economics why Brainly?
Answer: Money is not considered a capital resource because money is not productive. It provides access to resources but itself does not directly contribute to the production of goods and services.
Why is money not considered capital in economics?
You might ask, isn’t money a type of capital? Money is not capital as economists define capital because it is not a productive resource. While money can be used to buy capital, it is the capital good (things such as machinery and tools) that is used to produce goods and services.
Why is money not considered?
Chapter – 01 Limits, Alternatives, and Choices Answer Money is not considered a capital resource because money is not productive—it provides access to resources but itself does not directly contribute to the production of goods and services.
Is money a Labour resource?
The answer is no! Money isn’t an economic resource. You can say it’s a resource that one needs to purchase supplies that will eventually go into the creation of goods and rendering of services. What we have as factors of production includes land, labor, capital, and entrepreneur.
Who takes the responsibility for combining the factors of production?
There are four main factors of production. Land, Labour, and Capital are the main factors of production. The entrepreneur is the one that combines these factors in the correct proportion and mobilizes them.
Is money a natural resource?
Money is Not a Natural Resource.