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
By we mean the output obtained from land divided by the area of land.
Average productivity of land
Marginal productivity of land
Land
Labour
Economist use the term utility to mean
The value of a product before it has been advertised
The satisfaction a consumer obtains from a good or service
Any characteristics of a good or service which cannot be measured
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.
By we mean the increase in the output obtained from land when the area of land used increases by one unit.
________ are the four important factors of production.
Capital
All the above
By _________ we mean the physical or mental effort exerted for the purpose of producing a commodity or a service.
Organiser
The resources in the economy do not include:
Demand
