If a Farmer Grows Crops and Keeps That for Domestic

question 85

True/False

If a farmer grows crops and keeps that for domestic consumption, then the value of the produced is included in the GDP of the economy.

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Definitions:

Law of Increasing Opportunity Costs

An economic principle that states as production of a good or service increases, the opportunity cost of producing another unit also increases.

Particular Good

A specific item or product that satisfies consumers' needs or wants, distinguishable from general categories or types of goods.

Market Price

The current price at which an asset or service can be bought or sold in a market.

Production Possibilities Curve

A graphical representation that shows the maximum number of goods or services that can be produced using limited resources efficiently.