Question

Providing the power required to run production equipment is an example of a:

1) Physical resource
2) Human resource
3) Financial resource
4) Information resource

Answer 1

The power to run production machinery is considered a physical resource, one of the four factors of production necessary for creating goods and services in the economy.

Step-by-step explanation:

Providing the power required to run production equipment is an example of a physical resource. In the context of production, resources or inputs are the materials, labor, and machinery used to produce goods and services. Among these, physical resources include materials like land and energy, as well as physical capital per person, which refers to the machinery and equipment available to help produce a good or service.

The four factors of production are necessary for creating goods and services, and they are described as follows:

• The resource must have been produced.
• The resource can be used to produce other goods and services.

These inputs, when combined effectively, such as adequate physical capital like equipment with the necessary labor (human capital), result in successful production outcomes.