Precedents

question 9

Multiple Choice

Precedents

• A) can never change.
• B) can be changed whenever judges decide to do so.
• C) rarely ever change in the federal courts.
• D) are the same thing as standing.

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Definitions:

Capital Goods

Long-term assets used by businesses to produce goods and services, such as machinery, buildings, and equipment.

Consumer Goods

Products bought by the final consumer for personal use.

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.