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:

Unemployment Rate

The segment of the workforce that is out of work and actively pursuing job opportunities.

Unanticipated Inflation

Inflation that occurs when there is a difference between expected and actual inflation, often causing economic distortions.

Savers

Individuals who allocate part of their income to a savings account or other forms of investment for future use, rather than spending it immediately.

Borrowers

Individuals or entities that take out loans from financial institutions or individuals, typically agreeing to pay back the original amount plus interest.