Multiple Choice
Which of the following is considered a man-made resource in the context of factors of production?
71
views
0. Basic Principles of Economics
Factors of Production
Multiple Choice
Which of the following is an economic characteristic of real property?
A
Indestructibility
B
Physical durability
C
Immobility
D
Scarcity
Verified step by step guidance1
Understand the concept of 'real property' in microeconomics, which refers to land and anything permanently attached to it, such as buildings or natural resources.
Identify the economic characteristics of real property, which typically include scarcity, immobility, indestructibility, and uniqueness.
Recognize that 'scarcity' is an economic characteristic because it relates to the limited availability of land relative to demand, which affects its value and allocation.
Distinguish between physical characteristics and economic characteristics: 'indestructibility', 'physical durability', and 'immobility' describe physical traits, while 'scarcity' is an economic trait influencing market behavior.
Conclude that among the options given, 'scarcity' is the correct economic characteristic of real property because it directly impacts economic decisions and resource allocation.
Related Videos
Related Practice
