Examlex

Solved

_____ Not Only Provide Factors of Production (Or Resources) but Also

question 133

Multiple Choice

_____ not only provide factors of production (or resources) but also consume goods and services.


Definitions:

Computer Software

Programs and operating information used by a computer to perform specific tasks or functions.

Medallion

A distinctive badge or emblem typically made of metal, granted as a mark of honor or authenticity.

Opportunity Cost

The cost of foregone alternatives; the value of the best alternative that is not chosen in order to pursue a certain action.

Implicit Cost

The opportunity cost associated with a firm's use of resources that it owns, which do not have a direct monetary payment but could generate income if deployed elsewhere.

Related Questions