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the market for inputs to the production is also known as the ______ market
a. production
b. exchange
c. conversion
d. factor
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- In the ______________, businesses purchase resources, including labor, from households and pay firms for them. Group of answer choices A. labor market B. financial capital market C. savings market D. goods and services marketFactors of production are inputs used to consume goods and services. a. False b. TrueFarmer Jack is a well-established farmer who owns two plots of land. He refers to his fields of land by names. One field/plot of land is called Gator Plot, and the other one is called Brown Plot. As a farmer, Jack produces Cotton and Grains. Gator plot has a total of 80 acres of land, and in this field, it takes 10 acres to produce 1 unit of Cotton and 20 acres to produce 1 unit of Grains. On the other hand, Brown Plot has 100 acres of land. In this field, it takes 20 acres to produce 1 unit of Cotton and 10 acres to produce 1 unit of Grains. However, because Jack has been farming for a while now, he is worried about overharvesting COTTON because if he harvests too much Cotton, then the land will become barren. Consequently, there is a quantity restriction on Cotton and only Cotton. The restriction is outlined as follows: FIRST, there is a quantity restriction of 4 Cotton in Gator Plot. This means that Gator Plot is allowed to produce a maximum of 4 units of Cotton. SECOND, there is a…
- Farmer Jack is a well-established farmer who owns two plots of land. He refers to his fields of land by names. One field/plot of land is called Gator Plot, and the other one is called Brown Plot. As a farmer, Jack produces Cotton and Grains. Gator plot has a total of 80 acres of land, and in this field, it takes 10 acres to produce 1 unit of Cotton and 20 acres to produce 1 unit of Grains. On the other hand, Brown Plot has 100 acres of land. In this field, it takes 20 acres to produce 1 unit of Cotton and 10 acres to produce 1 unit of Grains. However, because Jack has been farming for a while now, he is worried about overharvesting COTTON because if he harvests too much Cotton, then the land will become barren. Consequently, there is a quantity restriction on Cotton and only Cotton. The restriction is outlined as follows: FIRST, there is a quantity restriction of 4 Cotton in Gator Plot. This means that Gator Plot is allowed to produce a maximum of 4 units of Cotton. SECOND, there is a…Explain how households and firms interact in the factor market and in the product marketThere are two kinds of markets in circular flow diagram in economicsThese are product markets and factor markets. A factor market is the market for goods and services.Is that true or false?
- In economics, what is any payment of production in excess to the cost needed to bring that factor into production? a.Investment b.Rental c.Minimal Wage d.TaxDifference between labour market and goods marketThe factor of production _________, and the factor of production _______. A. money earns interest; initiative earns profit B. capital earns interest; entrepreneurship receives a profit or incurs a loss C. investment earns interest; capital incurs depreciation D. capital earns rent; entrepreneurship earns wages
- Many economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. EntrepeneurshipAre households primarily buyers or sellers in thegoods and services market? In the labor market?In a competitive market economy, how is the distribution of income primarily determined? a.By the number of firms in the market for goods and services b.By the ownership of resources and human capital in the economy c.By the government d.Can be changed so that everyone is left better off while none are made worse off