Products of the economy used in production as opposed to gifts of nature are______________?
Correct answer: C. capital
- A. land
- B. labor
- C. capital
- D. entrepreneurship
Explanation
Capital consists of produced means of production, such as machinery, tools, and buildings. Land is a gift of nature, while labour and entrepreneurship refer to human inputs and organization.
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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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