Machineries - Study guides, Class notes & Summaries

Economic resources - correct answer also known as production, are the resources used to produce goods and services. Land, Labor, Capital are the income of resource owner Land - correct answer soil and natural resources that are found in nature and not man made. Owners of land receive a payment known as rent. Labor - correct answer physical and human effort exerted in production. Capital - correct answer man made resources used in the production of goods and services, which include mac...

Opportunity cost A cost of choosing one thing over the next best alternative. The economic problem The idea that resources are scare and wants are unlimited 00:03 01:33 Economy Where people produce goods and services. Market Where a group of people willing to exchange goods and services meet. Perfect market Neither Consumer/producer solely influence the price charged for goods and services Imperfect market a powerful consumer or producer can influence price...

SITUATION : Arthur, A registered nurse, witnessed an old woman hit by a motorcycle while crossing a train railway. The old woman fell at the railway. Arthur rushed at the scene. 1. As a registered nurse, Arthur knew that the first thing that he will do at the scene is A. Stay with the person, Encourage her to remain still and Immobilize the leg while While waiting for the ambulance. B. Leave the person for a few moments to call for help. C. Reduce the fracture manually. D. Move the pers...

1. When a firm sells a good or a service, the sale contributes to the nation’s income a. only if the buyer of the good or service is a household. b. only if the buyer of the good or service is a household or another firm. c. whether the buyer of the good or a service is a household, another firm, or the government. d. We have to know whether the item being sold is a good or a service in order to answer the question. 2. Estimates of the values of which of the following non-market goods or servi...

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