Economists Use the Terms Resource and Input as Synonyms

question 114

True/False

Economists use the terms resource and input as synonyms.

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Definitions:

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations, including all of the great powers, organized into two opposing military alliances.

Hyperinflation

An extremely high and typically accelerating inflation rate, causing a rapid erosion of currency's real value.

Deflation

A decrease in the general price level of goods and services, often indicating an economic decline.

Consumers

Individuals or groups that purchase or use goods and services generated within the economy.