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Exam 1: Economics Practice Test 1. The basic concern of microeconomics is: A) to keep business firms from losing money. B) to prove that capitalism is better than socialism. C) to study the choices people make. D) to use unlimited resources to produce goods and services to satisfy limited wants.
The primary concern of economics is the study of how best to allocate scarce resources among competing uses. Which of the following is NOT an example of land or a natural resource?
When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a (n). Cost-benefit analysis. The study of economics involves. Explaining how people deal with scarcity. Study with Quizlet and memorize flashcards containing terms like Each worker learns one task very well.
Capital is stuff used to make things, like land, equipment, and supplies. Labor is people working. Return on capital measures how much money is made from investing in capital. The video shows how capital has changed over time in the U.S., like land becoming less important.
- Labor is often considered capital, but it's a fairly special type of capital. Labor is special because it can be used for anything, which is a bit...
- This is a great question, and is fundamental to understanding how potentially biased and arbitrary it is to sum up the value of all the capital in...
- Historically the return on capital investment has been fairly steady over long periods. The book _Stocks for the Long Run_ covers this at length. S...
- I think they mean the capital costs 4-5 times of the annual return.
- Capital goods are things of value which can used for the creation of other capital goods, or for the creation of consumer goods. Labor is a special...
- Yes, those are all frequently referred to as capital, at least informally, however money is radically different. Money is not economic capital - mo...
- Can you have more money in the bank than you earn in a year? Sure you can. So there is also no reason we cannot have more capital in the country th...
- 1. Capital is not a synonym of Wealth. They are different concepts that do overlap, however. "Capital" basically consists of what (land, equipment,...
Economics Final Exam Review Guide. 4 (2 reviews) Social Science Economics Macroeconomics. Terms in this set (83) What is economics? The study of how individuals and societies satisfy their unlimited wants with limited resources. Scarcity. Situation that exists when there are not enough resources to meet human needs. What is the land resource?
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Dec 8, 2023 · Find out what economists mean by physical capital, how it contributes to the productivity of labor, and why it is a crucial element in economic activity.
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Jan 2, 2022 · In Microeconomics, it is simple; capital is the means of production. Simple production functions have mainly two inputs: labour an capital. Capital is mostly fixed in the short run, and labour is more flexible.
