Economics > QUESTIONS & ANSWERS > Applied Economics Questions and Answers. (All)
Applied Economics Questions and Answers.
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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 machineries and equipment. Interest Correct Answer the owner of capital earns an income 2 branches of economics Correct Answer Macroeconomics Microeconomics Macroeconomics Correct Answer is a division of economics that is concerned with the overall performance of the entire company Microeconomics Correct Answer is concerned with the behavior of individual intities such as the consumer, the producer, and the resource owner. Basic economic problem of society Correct Answer 1. what to produce and how much 2. how to produce 3. for whom to produce what to produce and how much Correct Answer society must decide what goods and services should be produced in the economy. how to produce Correct Answer is a question on the production method that will be used to produce the goods and services. This refers to the resource mix and technology that will be applied in productions. [Show More]
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