To an Economist,the Terms Factor and Output Are Synonyms

question 134

True/False

To an economist,the terms factor and output are synonyms.

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Definitions:

Consumer Sovereignty

The theory that consumer preferences determine the production of goods and services, making consumers the driving force of the economy.

Fundamental Economic Question

The basic inquiries regarding how a society decides on the allocation of scarce resources to satisfy unlimited wants.

Market System

An economic system where decisions regarding investment, production, and distribution are based on supply and demand.

Dollar Votes

A concept in economics where consumers show preference for goods and services by how they spend their money, influencing production and market trends.