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The people of Baselandia have to make a decision. To operate their new machine at peak efficiency, they need to switch from using renewable resources to nonrenewable resources as the machine's energy source. However, using the nonrenewable resources will require them to permanently destroy their land.
In this scenario, what is the nonrenewable resource an example of?
labor
land
capital
entrepreneurship
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land
In economics, "land" refers to natural resources (renewable or nonrenewable) such as minerals, oil, and forests. The nonrenewable energy source fits this category, not labor, capital, or entrepreneurship.
In economics, "land" refers to natural resources (renewable or nonrenewable) such as minerals, oil, and forests. The nonrenewable energy source fits this category, not labor, capital, or entrepreneurship.
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