Production refers to
A) physically producing material goods only.
B) any activity carried on by a firm,whether a corporation,partnership,or sole proprietorship.
C) any activity that results in the conversion of resources into goods and services that can be consumed.
D) any activity that causes the material conversion of an object.
Correct Answer:
Verified
Q1: Resources are also known as
A)minerals.
B)factories.
C)factors of production.
D)money.
Q2: Scarcity means
A)not being able to satisfy all
Q3: Imagine (assume)you have just met someone who
Q4: In economic analysis,resources are _ while people's
Q6: Scarcity implies that people must
A)be selfish.
B)make choices.
C)be
Q7: Scarcity implies that
A)people should limit their wants.
B)firms
Q8: Economists sometimes say that wants are "unlimited"
Q9: "Wants" are
A)another term for needs.
B)all the things
Q10: A person goes to college to become
Q11: Services can be thought of as
A)free goods.
B)intangible
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