ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the distribution of goods and services in the economy
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producing goods and services in the least costly manner
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building a missile defence system, or putting a computer in every elementary school classroom
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obtaining specialised training to increase one’s income
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Detailed explanation-1: -An intermediate good is a product used to produce a final good or finished product, which is also referred to as a consumer good.
Detailed explanation-2: -These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.
Detailed explanation-3: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-4: -In a centrally planned economy the central government makes all decisions about the production and consumption of goods and services. In a market economy economic decisions are made by individuals and are based on exchange, or trade.