In Which Market Are the Natural Resources Used in Production

question 111

Multiple Choice

In which market are the natural resources used in production make available?

• A)Goods and services market
• B)Product market
• C)Government market
• D)Factor market

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Definitions:

Total Costs

The complete sum of all expenses incurred by a business in producing goods or services, including both fixed and variable costs.

Labor

Represents the human effort, both physical and mental, used in the production of goods and services.

Rent

The payment made for the use of a property, such as land, a building, or an apartment, typically on a monthly basis.

Variable Costs

Costs that change in proportion to the level of goods or services that a business produces.