________ Are Firms and Individuals Who Provide the Resources Needed

question 27

Short Answer

________ are firms and individuals who provide the resources needed by the company and its competitors to produce goods and service.

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Definitions:

Excludable

A characteristic of a good or service that allows its owner to prevent others from using it without paying for it.

Free Rider

A person who receives the benefit of a good but avoids paying for it

Free-Rider

An individual who benefits from resources, goods, or services without paying for the cost of the benefit.

Market Forces

The economic factors affecting the price, demand, and availability of goods and services in a free market, primarily driven by supply and demand.