Which statement about economic resources is CORRECT? A. Economic resources include only money. B. Economic resources include land, capital, entrepreneurial ability, and labor. C. Economic resources exist only at the individual level. D. Economic resources are always controlled by the government.

B. Economic resources include land, capital, entrepreneurial ability, and labor.

Explanation:

Economic resources also known as factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.

The four economic resources (factors of production) are;

I. Land: this refers to the natural resources and raw materials extracted from the ground or grown in the soil e.g oil, gold, rubber, cocoa, etc.

II. Labor (working): this is the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.

III. Capital resources: it includes the physical assets used for production of goods and services such as equipment, money, plant, etc.

IV. Entrepreneurship: it is intellectual capacity required to drive a business and the skills to develop an idea into a money making venture (business).

Hence, the statement about economic resources which is correct is that economic resources include land, capital, entrepreneurial ability, and labor.

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