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1A) Describe the difference between labor resources and capital resources. 1JB In the following table choose the correct type
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Answer #1

1A)

Capital resources are the resources like building, machinery which are one time investment which can be used in production process

Labor resources are the work effort which includes both physical and mental inputs that are used in production process

1B)


Oil that needs to be extracted - Natural Resources

The efforts of a construction workers building a house – Labor Resources

A person who uses her life savings to start a business - Entrepreneurship (lines of credit and investment capital)

A musical instrument is used by a professional – Capital Resources

The machinery in a petrochemical plant – Capital Resources

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