Land and natural resources are considered ?
Correct answer: C. non-producible
- A. capital accumulation
- B. common property resources
- C. non-producible
- D. output
Explanation
Land and naturally occurring resources are non-produced inputs because they are not created through the production process. Capital, by contrast, is produced and accumulated by investment.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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