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7. What are economic resources? What categories do economists use to classify them? Why resources are...

7. What are economic resources? What categories do economists use to classify them? Why resources are also called factors of production? Why are they called inputs?

8. Why is money not considered to be a capital resource in economics? Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of the entrepreneur?

9. Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.

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