A Concept Is A

question 82

Multiple Choice

A concept is a:

• A)definition that is learned verbatim.
• B)vague, intuitive idea about an area of knowledge.
• C)category of similar objects or events.
• D)concrete example of an abstract idea.

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Definitions:

Acres

A unit of measurement used primarily in the U.S. to describe the size of land, equating to 43,560 square feet.

Economic Rents

Extra earnings or return above the normal expected return of an investment or economic activity.

Reallocation

The process of redistributing resources or assets from less productive uses to more productive ones in order to enhance efficiency and economic output.

Diminishing Returns

A rule that asserts when one input in the production process is augmented and the rest remain unchanged, the resultant extra production will ultimately diminish.