Define the Following Terms: Clemens Von Metternich

question 73

Short Answer

Define the following terms: Clemens von Metternich

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Definitions:

Consumer Goods

Products and services that are consumed by individuals or households to satisfy their needs or wants.

Capital Goods

Items that are used in the production of other goods and services, rather than being bought by consumers.

Opportunity Costs

The cost of choosing one alternative over others, representing the benefits an individual, investor, or business misses out on when choosing one option over another.

Resource Shiftability

The flexibility with which resources can be shifted from producing one product to another in response to changing market demands.