The resources in an economy are ?
Correct answer: B. Fixed at any moment
- A. Constantly increasing
- B. Fixed at any moment
- C. Constantly decreasing
- D. Able to be transferred easily between industries
Explanation
At a particular moment, the economy's available land, labour, capital and enterprise are limited, so resources are treated as fixed in total. They may change over time through investment, population growth or discovery.
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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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