Economists Refer to the Inputs That Firms Use to Produce

question 213

Multiple Choice

Economists refer to the inputs that firms use to produce goods and services as

• A)derived factors.
• B)derived resources.
• C)factors of production.
• D)instruments of revenue.

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Definitions:

Household Objective

Household objective often refers to the financial or lifestyle goals and priorities set by a household, such as achieving savings, buying a home, or securing education for children.

Wealth

The total value of all financial assets and physical possessions owned by an individual, household, or nation, exceeding all its liabilities.

Opportunity Cost

The cost of foregone alternatives, the value of the best alternative given up when a decision is made to choose one option over another.

Ironing

the process of using a heated tool (iron) to remove wrinkles from fabric, typically garments, enhancing their appearance.