Resources Are

question 27

Multiple Choice

Resources are:

• A) plentiful
• B) used to produce inputs
• C) scarce
• D) abundant in high-income nations

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Definitions:

Substitution Effect

The economic principle that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Income

The monetary amount received by an individual or entity in exchange for labor, services, or investment.

Price

The amount of money or compensation exchanged for the ownership or use of a good or service.

Apples

A type of fruit that comes in various colors and flavors, commonly grown in temperate climates.