The Bill of Resources (BOR) Is a Record of Parent-Component

question 110

True/False

The bill of resources (BOR) is a record of parent-component relationships and all the required materials, equipment time, staff, and other resources needed, including the usage quantities.

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Definitions:

Horizontal Summation

A method used to determine the total market demand or supply by adding together the quantities demanded or supplied at each price by all individuals.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods.

Upward-Sloping Demand

A theoretical market situation where, contrary to the typical downward-sloping demand curve, demand for a good or service increases as its price rises.

Ceteris Paribus

A Latin term meaning “other things constant” that is used when the effect of one change is being described, recognizing that if other things changed, they also could affect the result. Economists often describe the effects of one change, knowing that in the real world, other things might change and also exert an effect.