Resources
: Natural/Human/Capital. Anything used to produce goods and services; all natural, human and human-made aids to the production of goods and services, also called productive resources.
Which term best describes anything that is used in the production of goods or provision of services?
This is
equipment and factories
used in the production of goods and services. A tool or equipment used to produce other goods.
What is the equipment and factories used in the production of goods and services?
Capital
– tools, equipment, and factories used in the production of goods and services; one of four factors of production.
Which economic term refers to making decisions about the use of resources in the production and distribution of goods?
Which economic term refers to making decisions about the use of resources in the production and distribution of goods?
allocating
.
What describes everything associated with the production of goods and services?
Factors of production
are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Is anything that can be used to produce goods?
Natural Resources
(Land) – All gifts of nature that can be used to produce goods and services.
What is the term used to describe nations becoming dependent on each other for goods and services?
Globalization
is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
What term refers to the human ability to produce goods or services and includes talent and skills?
Labor
. Refers to the human ability to produce goods or services and includes physical labor, talent, and skills.
What is the term used to describe a temporary low supply of a good or service *?
What is the term used to describe a temporary low supply of a good or service?
Shortage
.
What is the term for the total value of all goods and services produced by a nation?
gross domestic product (GDP)
, total market value of the goods and services produced by a country’s economy during a specified period of time.
Which is an example of a production decision?
Which is an example of a production decision?
An assembly line is used to build cars
. … No matter how much supply is produced, people’s demands will always increase to exceed supply.
Which of the following is another term for a planned economy?
What is a Centrally Planned Economy? A centrally planned economy, also known as
a command economy
, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.
Which of the following best explains why resources need to be allocated in the game of economics?
Which best explains why resources need to be allocated in the game of economics?
There are not enough resources to produce all of the goods and services that everyone wants.
What is called production of goods?
Production is a
process of combining various material inputs and immaterial inputs
(plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.
What is the meaning of goods and services?
Goods and services are
the output of an economic system
. Goods are tangible items sold to customers, while services are tasks performed for the benefit of the recipients. Examples of goods are automobiles, appliances, and clothing. … Businesses also receive goods and services, not just consumers.
What is considered as production of services?
Service production involves
deployment, operation, maintenance, monitoring, information security, capacity management, facility management, service level management and customer support
.
What does the term opportunity cost refer to?
“Opportunity cost is
the value of the next-best alternative when a decision is made; it’s what is given up
,” explains Andrea Caceres-Santamaria, senior economic education specialist at the St. Louis Fed, in a recent Page One Economics: Money and Missed Opportunities.
How different nations in the world are dependent on each other?
One country depends on another country
for something and that country may depends on another country. This creates global interdependence. So, a nation has to purchase those that it lacks from one country or from a number of countries. For example, India purchases arms and ammunitions from both America and Israel.
What are limited resources called?
The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as
scarcity
. … Because these resources are limited, so are the numbers of goods and services we can produce with them.
How are countries dependent on each other?
In this age of Globalisation, all the countries of the world (big or small, rich or poor) are dependent on each for
some resources or
the other, thus and interconnected through trade relations. A few examples of such mutual cooperation are as follows: India exports spices and imports crude oil from Gulf countries.
What is nation interdependence?
Interdependence refers to
two or more countries that impact and rely on each other
, while globalization is the economic, social, and political interaction and integration of people in different areas of the world. Nowadays, most nations are interdependent and related in a globalized world.
What term refers to the human ability to produce goods or services and includes talent and skills a wages b resources C capital D labor?
Entrepreneurial Ability
. The talent or ability to combine land, labor, and capital to produce goods and services.
What is meant by Specialisation in economics?
Specialization is
a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency
.
What is human capital quizlet?
human capital.
The knowledge, skills, and capabilities of individuals that have economic value to an organization
.
What does disequilibrium mean in economics?
Disequilibrium is
a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance
. This can be a short-term byproduct of a change in variable factors or a result of long-term structural imbalances.
What is supply in economics quizlet?
Supply is defined as.
the willingness and ability of producers to offer goods and services for sale
. According to the law of supply, when prices increases, quantity supplied increases.
Which of the following terms describes the amount of goods and services produced by a country each year quizlet?
Which of the following best describes the term
gross domestic product
(GDP)? Gross domestic product (GDP) is the value of all final goods and services produced within a country in a given year.
What do economists call the total value of a country’s goods and services produced in a year divided by its total population?
Per capita gross domestic product (GDP)
is a financial metric that breaks down a country’s economic output per person and is calculated by dividing the GDP of a nation by its population.
Which of the following best explains why the government makes and enforces laws in a free market system?
Consumers and producers influence each other in a circular fashion. Which best explains why the government makes and enforces laws in a free-market system?
Laws against theft, fraud, and coercion are needed to protect free choice.
What is quantity of supply?
The quantity supplied is
the amount of a good or service that is made available for sale at a given price point
. In a free market, higher prices tend to lead to a higher quantity supplied and vice versa. The quantity supplied differs from the total supply and is usually sensitive to price.
What is the term for the total value of goods produced and services provided in a country over one year?
GDP stands for
“Gross Domestic Product”
and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year).
Which of the following best explains why minimizing costs is a rational way to make decisions?
Which best explains why minimizing costs is a rational way to make decisions?
Paying a cost means doing without something good or accepting something
bad. The maximum benefit can only be obtained by paying the lowest cost possible. All costs lead to benefits that outweigh the costs.
Which of the following best explains why the game of economics Cannot eliminate scarcity?
Which best explains why the game of economics cannot eliminate scarcity?
No matter how much supply is produced, people’s demands will always increase to exceed supply.
What is production decision?
Production Decision means
a decision by the Management Committee to commence Development and put the Properties into production
.
What is meant by production decision?
By the production decision we mean
the short-run decision taken
.
in the individual firm about the level of output in the forthcoming
.
planning period
.
Which best describes what labor directly contributes to production?
Which best describes what labor directly contributes to production?
Human effort and ideas drive production
.
Which of the following is another term for planned economy apex?
In a Centrally planned economy, also known as a
command economy
, the central government controls the factors of production and answers the three basic economic questions for all of society. Two systems often mentioned when centrally planned economies are discussed are socialism and communism.
Which is another term for command economy?
The command economy, also known as
a planned economy
, requires that a nation’s central government own and control the means of production.
How are resources allocated in a planned economy?
In a planned economic system, resources are allocated by
central edicts and rationing
.
What is meant by the term producer product in business?
Producer goods refer to
the types of products used by producers in their production processes
. They include capital goods (such as machinery, parts, and equipment), semi-finished products, and raw materials. They contrast with consumer goods, which refers to the final products used by consumers.
What is the meaning of industrial goods?
From Longman Business Dictionary inˌdustrial ˈproduct [countable]
a product for use in industry and business
, rather than by people for their own usepower transmission parts and other industrial products → product. Exercises.
When you sell goods you are called?
you are called as
a vendor
.
