ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The “gifts of nature” or natural resources not created by human effort.
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people with all their efforts and abilities
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the tools, equipment, and factories used in production of goods and services
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individuals who start a new business or bring a product to market.
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Detailed explanation-1: -Capital goods are physical assets that a company uses in the production process to manufacture products and services that consumers will later use. Capital goods include buildings, machinery, equipment, vehicles, and tools. Capital goods are not finished goods, instead, they are used to make finished goods.
Detailed explanation-2: -CAPITAL-the tools, equipment, machinery, and factories used in the production of goods and services.
Detailed explanation-3: -Capital goods are the assets used by businesses in the course of producing their products and services, and can include buildings, machinery, tools and equipment. Capital resources is a higher-level concept, defined slightly differently by different scholars.
Detailed explanation-4: -Capital as a factor of production refers to capital goods, or man-made resources, such as tools and infrastructure, used in the production of a good or service.
Detailed explanation-5: -Capital Equipment Definition: Equipment that you use to manufacture a product, provide a service or use to sell, store and deliver merchandise. This equipment has an extended life so that it is properly regarded as a fixed asset.