Which of Following Is NOT an Element in the Economic

question 60

Multiple Choice

Which of following is NOT an element in the economic environment?

• A)public policies
• B)purchasing power
• C)discretionary income
• D)general economic conditions
• E)disposable income

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Definitions:

Input Price

The cost associated with purchasing the inputs or resources required for production, including materials, labor, and capital.

Producer Surplus

The disparity between the amount sellers are ready to accept for a good or service and the price they actually receive.

Supply-and-Demand

A fundamental economic model that describes how the price and quantity of goods and services are determined in a market based on the amount available (supply) and the desire to purchase (demand).

Equilibrium Output

The level of output where the quantity of goods or services producers are willing to supply equals the quantity consumers are willing to buy, resulting in market equilibrium.