Question
John has a large apple orchard. He has decided to bake pies and sell them at the local farmer’s market. Which best describes John’s use of economics?
John is using available and renewable resources.
John is relying on inexpensive labor costs to improve profits.
John is using resources to produce both goods and services.
John is assuming consumers will have limited need for his product.
John is using available and renewable resources.
John is relying on inexpensive labor costs to improve profits.
John is using resources to produce both goods and services.
John is assuming consumers will have limited need for his product.
Answers
GPT-4o mini
The best description of John’s use of economics is:
**John is using resources to produce both goods and services.**
This statement reflects the fact that by baking pies (a good) and potentially engaging with customers at the market (a service), John is effectively utilizing his resources (like ingredients and labor) to create products that can be sold.
**John is using resources to produce both goods and services.**
This statement reflects the fact that by baking pies (a good) and potentially engaging with customers at the market (a service), John is effectively utilizing his resources (like ingredients and labor) to create products that can be sold.