ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Study of how people & societies use limited resources to satisfy unlimited wants; management of scarcity & choice.
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The decision by individual of what to do, which necessarily involves decision of what not to do.
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Anything (land, labor, and capital) that can be used to produce something else; including natural resources (from physical environment) and human resources (labor, skill, intelligence).
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None of the above
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Detailed explanation-1: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -technology. Any use of land, labor, and capital that produces goods and services more efficiently. trade off. Sacrificing one good or service to purchase or produce another. opportunity cost.
Detailed explanation-3: -Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital. Natural resources are the resources of nature that can be used for the production of goods and services.
Detailed explanation-4: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.