______________ Are Capital Items That Cost Less and Are Shorter-Lived

question 232

Multiple Choice

______________ are capital items that cost less and are shorter-lived than installations.

• A) Supplies
• B) Staples
• C) Component parts
• D) Component materials
• E) Accessory equipment

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which there are many substitutes.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Good

A tangible product or commodity that satisfies human wants or needs.

Resources

An input used to produce economic goods. Land, labor, skills, natural resources, and human-made tools and equipment provide examples. Throughout history, people have struggled to transform available, but limited, resources into things they would like to have—economic goods.