Capital include:
Producer goods
Inventory of material goods
Consumer goods
All of the above
Labour cannot be separated from
Capital
Labourer
Profit
Organization
_________ is limited by the extent of market.
Labour
Division of labour
Land
Entrepreneur is a person who is:
Organizer
Manager
Risk taker
Returns to scale occur:
In the long run
When all inputs are increased
When the increase in inputs is in the same proportion
An enquiry into the nature and causes of wealth of nation was written by
Alfred Marshall
Adam Smith
Samuelson
Keynes
___________ is man made physical goods used to produce other goods.
Physical capital
Human capital
Money capital
All the above
The initial supply price of land is
Zero
Greater than one
Less than one
Equal to one
Land and labour are called _____ factors.
Primary factors
Desired factors
Secondary factors
Service factors
