Question
What is a limited resource?
a. A limited resource is a factor used by individuals, governments, and businesses to determine the value of trade-offs.
b. A limited resource is a product or service that has its price managed by the government because of scarcity.
c. A limited resource is a product or service that is subject to scarcity.
d. A limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.
a. A limited resource is a factor used by individuals, governments, and businesses to determine the value of trade-offs.
b. A limited resource is a product or service that has its price managed by the government because of scarcity.
c. A limited resource is a product or service that is subject to scarcity.
d. A limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.
Answers
GPT-4o mini
The best definition of a limited resource among the options provided is:
**d. A limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.**
This definition accurately captures the essence of limited resources in economics, emphasizing their scarcity and the fact that they can be exhausted or depleted over time.
**d. A limited resource is a factor of production required to produce a product or provide a service that is scarce and can be depleted.**
This definition accurately captures the essence of limited resources in economics, emphasizing their scarcity and the fact that they can be exhausted or depleted over time.