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The question of for whom to produce focuses on how an economy's input is distributed among members of the society. a. False b. True
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- How can we define "production" in economics?Explain, how does the economy as a whole works? And which economic agents are of the greatest importance in determining what goods and services are produced?is the only factor of production that needs to be produced. O Human resource ●Capital O Natural resources O Labor
- "The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of statement is this? a. normative b. negative c. positive d. subjective e. biasedHow will you explain production as a source of economic well-being?Explain the central problem of “how to produce” in economics
- What are the four factors of production?What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A natural resource used to produce a good c. A good purchased as an input in the production process d. A good used in the production of another goodThe ability of an economy to produce greaterlevels of output per time period is calleda. positive economics.b. negative economics.c. economic growth.d. the law of specialization.
- Define production and What are the factors of production and what are their reward payments?Everything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".Many economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. Entrepeneurship