What term refers to using natural, human or capital resources to make a product or provide a service in order to make money?

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Study for the 4th Grade Virginia Studies SOL Exam with flashcards and multiple choice questions. Each question has hints and explanations to prepare you for success!

Multiple Choice

What term refers to using natural, human or capital resources to make a product or provide a service in order to make money?

Explanation:
Industry explains using natural, human, and capital resources to turn them into goods or provide services in order to make money. This broad idea covers how resources are turned into products and services people pay for, like farms producing crops or factories making goods. Tourism is a service within the economy, but it’s just one part of industry, not the overall term. Government focuses on running public services, not on producing goods to earn profit. So the description matches industry best, since it describes the overall business activity of turning resources into things people buy to earn money.

Industry explains using natural, human, and capital resources to turn them into goods or provide services in order to make money. This broad idea covers how resources are turned into products and services people pay for, like farms producing crops or factories making goods. Tourism is a service within the economy, but it’s just one part of industry, not the overall term. Government focuses on running public services, not on producing goods to earn profit. So the description matches industry best, since it describes the overall business activity of turning resources into things people buy to earn money.

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