In Economic Terminology, When a Resource Is Used to Produce

question 85

Multiple Choice

In economic terminology, when a resource is used to produce output it is referred to as

• A) an intangible.
• B) a factor of production.
• C) a service.
• D) a fifth element.

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Definitions:

Cross-Price Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good.

Demand

The amount of a good or service that consumers are willing and able to buy at a given price over a specified period.

Cross-Price Elasticity

A measure of how the demand for one product changes in response to a price change of another product.

Cereal

Grasses cultivated for the edible components of their grain, consisting of the endosperm, germ, and bran; also a common breakfast food made from processed grain.