A Community Includes All of the Following Except

question 52

Multiple Choice

A community includes all of the following except:

• A)Individuals
• B)Businesses
• C)Government
• D)All of the above are examples of a community.

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Definitions:

Resources

Inputs used in the production of goods and services, such as labor, capital, land, and entrepreneurship.

Output

The total amount of goods or services produced by a company, industry, or economy over a specific period of time.

Least-Cost Combination

is an economic principle where firms aim to produce a given output at the minimum possible cost by choosing the optimal combination of inputs.

Purely Competitive Conditions

Purely competitive conditions describe a market situation where numerous small firms compete against each other, selling homogeneous products, with no single firm able to influence market prices.