Standard of living is the material well being of the average person in a given population.
Which of the following terms refers to material used by manufacturers to make other goods?
Raw materials are materials or substances used in the primary production or manufacturing of goods. Raw materials are commodities that are bought and sold on commodities exchanges worldwide.
What is the term used to describe the general way in which people live focusing primarily on things like average income health care availability Life expectancy educational attainment?
Standard of living is the material well being of the average person in a given population.
Is a concept that refers to the finite supply of resources?
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 . At any moment in time, there is a finite amount of resources available.
Is a health program sponsored by the United States government that provides services to individuals and families with low incomes?
Medicaid is a joint federal and state program that provides free or low-cost health coverage to millions of Americans, including some low-income people, families and children, pregnant women, the elderly, and people with disabilities.
What are some examples of standard of living?
- GDP per capita,
- total leisure time enjoyed each year,
- access to healthcare services,
- academic levels,
- access to education,
- life expectancy,
- public safety,
- literacy rates,
What is the meaning inflation?
Inflation is the decline of purchasing power of a given currency over time . ... The rise in the general level of prices, often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
What is raw materials and finished products?
A raw material, also known as a feedstock , unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished products, energy, or intermediate materials that are feedstock for future finished products.
What are services examples?
According to BusinessDictionary.com, services are: “ Intangible products such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation .”
What are the four factors of production?
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship . The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.
What are the 3 types of scarcity?
Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural .
What are examples of scarcity?
A wildfire temporarily causes pollution in a city, leading to a scarcity of clean air. Coal is used to create energy ; the limited amount of this resource that can be mined is an example of scarcity. A day has an absolute scarcity of time, as you cannot add more than 24 hours to its supply.
What is scarcity of resources explain with example?
In economics, scarcity refers to the limited resources we have . For example, this can come in the form of physical goods such as gold, oil, or land – or, it can come in the form of money, labour, and capital. These limited resources have alternate uses. ... That is the very nature of scarcity – it limits human wants.
When a good or service is sold the money is called?
Key Takeaways. Bartering is the exchange of goods and services between two or more parties without the use of money. It is the oldest form of commerce. Individuals and companies barter goods and services between each other based on equivalent estimates of prices and goods.
Which represents money that people can gain access to easily and immediately to pay for goods and services?
Represent money that people can gain access to easily and immediately to pay for goods and services; liquidity is the key. M2 is all M1 money and funds that cannot be used as cash directly ; CD’s and mutual funds. Know what FDIC stands for, why it was created and what it does.
What someone must make when faced with two or more alternative uses of a resource?
A shortage occurs when consumers want more than producers are willing to make available at a particular price. Shortages can be temporary or long term. what someone must make when faced with two or more alternatives uses of a resource. ... This is a resource choice .
