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econ

A. Resources 1. Name the four primary classes of resources? The four primary classes of resources are: „X Land, a proxy term for natural resources; „X labor, a term that refers to a person¡¦s capacity to do any physical or mental work; „X capital, meaning, physical capital, which to an economist is plant, equipment, or changes in inventory; or, human capital, which is defined in the answer to question two, directly below; and „X entrepreneurship, a term that refers to a person¡¦s propensity to take risks as well as a person¡¦s capacity to organize land, labor, and capital, and to innovate¡Xintroduce something new into¡Xinitial or ongoing business plans. 2. What does the term human capital refer to? The term human capita

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