The Factor of Production Called "Capital" Refers To

question 155

Multiple Choice

The factor of production called "capital" refers to:

• A)manufactured goods that are used to produce new goods.
• B)any piece of raw material that is used to produce goods and services.
• C)any input that's not a human being or part of the earth.
• D)the amount of money a firm has access to when running its business.

---

Definitions:

Conservation

A cognitive ability, identified by Piaget, that allows a person to understand that changing the form of a substance or object does not change its amount, overall volume, or mass.

Animism

The belief that objects, places, and creatures all possess a distinct spiritual essence.

Irreversibility

The cognitive inability in young children to understand that actions cannot always be undone, a concept studied in developmental psychology.

Piagetian Development

A theory of cognitive development by Jean Piaget that outlines how children progress through four stages of growth, acquiring key skills and abilities.