Material objects found in nature are called_______________?
Correct answer: A. land
- A. land
- B. capital
- C. labor
- D. time
Explanation
Land as a factor of production includes naturally occurring resources and material objects, such as soil, forests and minerals. Capital, by contrast, consists of produced tools and equipment, while labour is human effort.
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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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