Capital as economists use the term
Is the money the firm spends to hire resources
Is money the firm raises from selling stock
Refers to the process by which resources are transformed
Refers to things that have already been produced that are inturn used to produce other good and services
Economic growth can be shown by
An inward shift of the PPF
A movement along the PPF
An outward shift of the PPF
None of these
Indicate below what is not a factor of production?
Labour
Land
Capital
A bank loan
The ' law of demand ' implies that
As prices fall quantity demanded increases
As prices fall demand increases
As prices rise demand decreases
Demand constant
The of a country depends on the growth rate of national output or percapita output.
Income
Economic growth
Profit
Service sector
By _________ we mean the physical or mental effort exerted for the purpose of producing a commodity or a service.
Organiser
By __________ we mean the process of creating the various good and services , which are consumed by the people of the country.
Production
Distribution
Investment
is defined to include not only the surface of the earth but also all other gifts of nature.
Entrepreneur
The _______ can play an active role in the encouragement of production by helping the producers in obtaining raw materials and in the marketing of the goods.
Private companies
Government
Financial institution
