The Economic Resource That Organizes the Use of Other Economic

question 272

Multiple Choice

The economic resource that organizes the use of other economic resources is called

• A) labor.
• B) capital.
• C) entrepreneurship.
• D) land.

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Marketing Mix

The collection of decisions regarding product, place, price, and promotion that companies make during the process of bringing a product or service to market.

Standardized Marketing

A marketing strategy that uses uniform campaigns and messages across different markets and regions, often utilized by global brands.

Political Structures

The organizational framework of a government, detailing how power is distributed (e.g., federal vs. unitary structure) and the branches of government (e.g., executive, legislative, judiciary).