Question

There are
in every economy that are used to produce the goods and services that people want and need.

Answer 1

"There are resources — called factors of production — in every economy that are used to produce the goods and services that people want and need."

The four main factors of production:
- Land (natural resources)
- Labor (human work and effort)
- Capital (machines, buildings, tools)
- Entrepreneurship (organizing resources and taking risks)