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What is resource in economics? - Economic Applications

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Question

What is resource in economics?

Very Short Answer
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Solution

In economics, a resource is defined as a rare good or service that has a production cost and meets human needs.

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Chapter 1: Meaning and Definition of Economics - QUESTION BANK [Page 16]

APPEARS IN

J. P. Goel and Kaushal Goel Economic Applications [English] Class 9 ICSE
Chapter 1 Meaning and Definition of Economics
QUESTION BANK | Q 13. | Page 16
J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 1 Introduction to Economics
QUESTION BANK | Q 12. | Page 14
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