Which of the following is equivalent to the costs that firms incur in acquiring economic resources?
A) revenues from the product
B) income of the resources
C) money flowing from the resources
D) profits from the resources employed

Question

Quizplus · Accepted Answer

The costs that firms incur in acquiring economic resources refer to the expenses incurred in hiring and paying for resources such as labor, capital, and raw materials. This is equivalent to the income of the resources, as firms pay for their services. Revenues from the product relate to the income generated from sales, while profits from the resources employed refer to the difference between revenues and costs, which is not the same as the costs incurred in acquiring economic resources. Money flowing from the resources is not a clear or specific equivalent term for the costs incurred.

Which of the Following Is Equivalent to the Costs That