In Economic Terminology, When a Resource Is Used to Produce

question 85

Multiple Choice

In economic terminology, when a resource is used to produce output it is referred to as

• A) an intangible.
• B) a factor of production.
• C) a service.
• D) a fifth element.

---

Definitions:

Interval Scale

A scale of measurement where the intervals between numbers on the scale are all equal in size.

Nominal Scale

A measurement scale used in statistics for labeling variables without any quantitative value, where the order of the variables is insignificant.

Pie Graph

A graphical representation of data in a circular chart divided into sectors, where each sector shows the relative size of each value.

Ratio Scale

A measurement scale that possesses a meaningful zero value and allows for comparison of differences and ratios between measurement units.