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Labour in economics includes ... all services to help running a business. resources and materials needed to get Jobs done. the combination of factors of production into a production process. all human intellectual and physical effort and skills. What factor of production does this image best represent? Labour Capital Land Enterprise What is another word for 'factors of production?'' needs and wants resources opportunity cost enterprise What factor of production does the tractor represent? capital labour entrepreneurship None of the above What word is missing at the letter A? scarcity wants resources choice What is this definition about? A good or service given up (or forgone) in order to consume another good or service of equal value. opportunity cost scarcity capital resource consumer goods unlimited resources and limited wants unlimited resources and limited wants limited resources and unlimited wants limited resources and limited wants The economic problem is a problem of ... You want to go to the beach to cool down AND go down town with your friends. What is the opportunity cost of going to the beach?
relaxing going swimming cooling down going down town The scarcity principle indicates that ... with limited resources, having more of "this" means having less of "that."
no matter how much one has, we all want to have more money
compared to 100 years ago, individuals have less time today
trade-offs causes resources to be even more scarce. The opportunity cost of a particular activity ... usually is known with certainty measures the direct benefits of that activity is the same for everyone pursuing this activity may include both monetary costs and forgone income Iron ore and oil are examples of ... exhaustible resources renewable resources capital resources artificial resources According to this PPF, what is the approximate opportunity cost of producing more Pizzas from point D to Point A? 1 robot 2 robots 3 robots 4 robots Which of the four scenarios B, C, F and G is not possible according to this PPF? B F G C increasing opportunity cost economic growth decreasing opportunity cost fall of productivity If an economy's production possibilities frontier shifted to the right, this would illustrate ... This Hospital allows for 40 operations per year. There are more heart operations than other operations At Points B & C, the hospital produces as many heart operations as other operations. At Point A, the Hospital does not use all resources that are available Which ONE of the following statements is true for this hospital? |