A 1. Rent for the use of land was paid by the owners.
2. Natural resources are provided by nature.
3. Our choice is determined by our income.
4. Products are produced by small business at the lowest possible price.
5. Capital is used by us for future production of goods and services.
6. Goods and services are created with economic resources.
7. Physical and mental efforts must be put into production.
8. This month interest on a bank loan has been paidby the firm.
9. The fertility of the soil is being improvedon their farm
B 1.The economists call economic resources factors of production.
2. People provide labour, knowledge, skills and experience .
3. They must put ental and intellectual effortsinto production of goods and services.
4. The enterprise has already paid the taxes and other bills this month.
5. The enterprise combines land, labour and capital.
6. A a new shoe firm earned a big profit last month.
7. They are keeping unsold goods in the firm’s warehouse.