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.

John is using available and renewable resources.

Explanation:

Microeconomic theory suggests that economic agents use productive resources, capital, and labor to produce goods and services for the purpose of selling and making a profit. That is exactly what John is doing. He uses the available and renewable natural resources on his farm, the apples, and his labor to produce a good to be sold to a particular market. Thus he is employing the resources described by microeconomic theory. The capital consists of the inputs (apples) and the oven that he pies. The labor resource consists of your manpower. This is the elementary description of economic production, and can be extended to the understanding of large-scale production, as in industries that use natural resources and labor to produce manufactures.

It's A!!!

Explanation:

Just took the test on edg 2021. Good luck.

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