Saving Is Necessary for Production Because

question 183

Multiple Choice

Saving is necessary for production because

• A)more roundabout production is better
• B)less roundabout production is better
• C)production takes time
• D)production is expensive
• E)production requires labor

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Definitions:

Services

Intangible products provided to consumers, such as healthcare, education, banking, and entertainment, which do not result in the ownership of any physical goods.

Basic Resources

The fundamental inputs used for production, including land, labor, capital, and entrepreneurship.

Entrepreneurial Ability

This refers to the skills and qualities that enable an individual to identify business opportunities, start, develop, and manage a business successfully.

Households

Units that consist of one or more people living together, who make joint decisions on consumption and other economic activities.