Read the following passage and mark the letter A, B, C or D on your answer sheet to choose the word or phrase that best fits each of the numbered blanks from 9 to 18.
What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the (9) _________of goods and services. Economic resources can be broken down into (10) _________ general categories: property resource – land and capital, and human resources – labor and entrepreneurial skills.
What do economists mean (11) __________land? Much more than the non-economist, land refers to all the natural resources (12) ________ are usable in the production process: arable land, forests, mineral and oil deposits, and (13)__________ on. What about capital? Capital goods are all the man-made aids to producing, storing, transporting, and distributing goods and (14) __________. Capital goods differ from consumer goods in that (15) __________ satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not (16) ___________ to money. Money, as such, produces nothing.
The term labor refers to the physical and mental talents of humans used to produce goods and services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet (17) ___________ or an astronaut all fall (18) __________ the general heading of labor.
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_______ (09)