John has a large apple orchard. he has decided to bake pies and sell them at the local farmer’s market. which best describes john’s use of economics? john is using available and renewable resources. john is relying on inexpensive labor costs to improve profits. john is using resources to produce both goods and services. john is assuming consumers will have limited need for his product.

The answer is "A. John is using available and renewable resources".

A resource is defined as a financial or productive factor required to achieve a movement, or as intends to embrace an undertaking and accomplish wanted result  

A renewable resource is a resource which can be utilized over and over and supplanted normally. Renewable power source never runs out, precedent: sunlight based vitality is controlled by warmth the sun never runs out. Examples incorporate oxygen, crisp water, sun oriented vitality and biomass. New assets may incorporate products or wares, for example, paper and cowhide. It is additionally extremely sound for the environment.

The option A is correct. John has a large apple orchard, he has decided to bake pie and sell them at the local farmer’s market. The best describes john’s use of economics is using available and renewable resources.

Further Explanation:

John is using available and renewable resources. Renewable resources are those resources that renew after a fixed interval of time. The available resources are those resources which are available abundantly in nature.  

Justification for the correct and incorrect

A.

John is using available and renewable resources: This option is correct.  

This option is correct as the john is using available and renewable resources.  

B.

John is relying on inexpensive labor costs to improve profits: This option is incorrect.  

This is not correct. As the labor cost can not be inexpensive. The labor cost is not the only factor which determines the profit, all cost are included in this.  

C.

John is using resources to produce both goods and services: This option is incorrect.

This is not correct, as the john is producing only goods. He did not provide the services.  

D.

John is assuming consumers will have a limited need for his product: This option is incorrect.

If the john is assuming consumers will have a limited need for his product, then he will not produce the pie as every producer wants to increase his sales.  

Learn more:

1. Learn more about the demand curve

2. Learn more about the exchange

3. Learn more about economic pie

Answer details:

Grade: Middle School

Subject: Economics

Chapter: Use of economics

Keywords: John has a large apple, assuming consumers will, limited need, labor cost.

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