Which Term Below Refers to "The Accumulation of Goods Produced

question 480

Multiple Choice

Which term below refers to "the accumulation of goods produced in the past that are being used in the present to produce new goods and services"?

• A)inventories
• B)products
• C)factors of production
• D)capital

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Definitions:

Marginal Revenue

The rise in earnings associated with the sale of one more unit of output.

Total Revenue Curve

A graphical representation showing how total revenue changes as the amount of goods sold varies.

Supply Curve

A graph showing the relationship between the price of a good and the quantity supplied, typically upward sloping, indicating that higher prices motivate more supply.

Lower Order Needs

Are physiological, safety and social needs in Maslow’s hierarchy.