Whatever is obtained from the process is an
Input
Output
Factors of production
Production function
The concept of choice would be come irrelevant if
Capital was eliminated
Scarcity were eliminated
We were dealing with a very simple one person economy
Accumulation of capital
Economics growth can be seen by an outward shift of
The production possibility frontier
The gross domestic barrier
The marginal consumption frontier
The minimum efficient scale
Pro Alfred Marshall include all natural resources under the heading of
Land
Labour
Capital
Organiser
By we mean the output obtained from land divided by the area of land.
Average productivity of land
Marginal productivity of land
Natural resources include
Mineral resources
Forest resources
Water resources
All the above
________ is / are considered to be agents of production.
Due to scarcity of resources:
Every society must under take central planning
The government must decide how to allocate available resources
Some members of each society must live
Every society must choose among competing uses of available resources.
