What Are the Means,or Factors,of Production

question 31

Multiple Choice

What are the means,or factors,of production?

• A) synonyms of a society's mode of production
• B) a society's institutional mechanisms for making sure that everyone is productive
• C) the ways a society organizes production
• D) labor forces organized by kinship ties
• E) a society's major productive resources, such as land and other natural resources, labor, technology, and capital

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Definitions:

Nominal GDP

The total market value of all final goods and services produced within a country's borders in a specific time period, measured using current prices without adjusting for inflation.

Real GDP

The calculation of a country's economic activity, modified to reflect price changes like inflation or deflation, showing the real production of goods and services.

Short-Run Aggregate Supply Curve

A graphical representation showing the positive relationship between the price level and the quantity of goods and services supplied in the short term.

Aggregate Demand

Total economic interest in goods and services, marked at a standard price level across a designated period.