ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Only the the main element used in creating a product
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Every minute used to sell an item
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costs that are not subjective as opposed to interjection
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All of the resources used to produce a good or service.
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Detailed explanation-1: -The cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
Detailed explanation-2: -noun. : cost as measured by the physical labor and materials consumed in production.
Detailed explanation-3: -Real Costs: It is a philosophical concept which refers to all those efforts and sacrifices undergone by various members of the society to produce a commodity. Like monetary costs, real costs do not tell us anything what lies behind these costs. Prof. Marshall has called these costs as the “Social Costs of Production.”
Detailed explanation-4: -Total profit is the difference between total revenue and total cost. Total cost is the market value of all resources used to produce a good or service.
Detailed explanation-5: -“The real cost of any purchase isn’t the actual dollar cost. Rather, it’s the opportunity cost-the value of the investment you didn’t make, because you used your funds to buy something else.”