Three of the following are resources in the sense in which economics uses the term. Pick the odd one out.
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → A cotton shirt bought for wearing
A resource is a good or service used to produce other goods and services. Tools and machinery, the labour services of a family and a pair of bullocks are all used in production.
A shirt bought for wearing is used up in consumption. It does not help produce anything else, so it is not a resource here.
NCERT (2026-27): “1.1 A Simple Economy … A family farm may own a plot of land, some grains, farming implements, maybe a pair of bullocks and also the labour services of the family members. A weaver may have some yarn, some cotton and other instruments required for weaving cloth. …” “By resource, we mean those goods and services which are used to produce other goods and services, e.g. land, labour, tools and machinery, etc.” |