Capital Is Defined by Economists As

question 23

Multiple Choice

Capital is defined by economists as:

• A)money needed to run a business.
• B)the only primary factor in production.
• C)produced goods used for further production.
• D)private property.
• E)the total value of all resources used in production.

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Definitions:

Fixed Costs

Expenses that do not change regardless of the level of production or sales activities, such as rent or salaries.

Birthday Cakes

Specifically designed cakes consumed as part of a celebration of an individual's birthday, often decorated and personalized according to preferences.

Marginal Cost

The augmentation in complete financial commitment resulting from the manufacture of one more unit of a good or service.

Fixed Costs

Costs that remain constant regardless of production or sales volume, including rent, salaries, and insurance fees.