This category is sometimes described as the "free gifts of nature" wherein those resources that

exist independent of human action. Land or Natural resources

This is a concept wherein people are willing to pay to avoid the item. Economic bad

Economists argue that this is one of the most fundamental economic problems around the
world. Scarcity

This is defined as the cost of not selecting the "next-best" alternative. Opportunity cost

He argued that economic growth occurred as a result of specialization and division of labor. d.
Adam Smith

If people want more of it then it would be better if this is available for free. Economic good.

This is the study of how individuals and societies use limited resources to satisfy unlimited
wants. b. Economics

The labor input consists of the physical and intellectual services provided by human beings.
True

This is defined as the additional cost associated with a one-unit increase in the level of the
activity. Marginal cost

This can play an important role in supply decisions due to demand. Expectations

This is the production of a good if the individual can produce the good at the lowest opportunity
cost. Comparative advantage

This is the production of a good if the individual can produce more than the other individuals.
Absolute advantage.

The category of "land" includes all natural resources wherein these natural resources include
the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the
ground. True

These are markets that demand for a product includes both domestic and foreign demand. c.
International markets