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6 Cards in this Set
- Front
- Back
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The economizing problem is one of deciding how to make the best use of:
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limited resources to satisfy virtually unlimited wants.
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The concept of economic efficiency is primarily concerned with:
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obtaining the maximum output from available resources.
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An "increase in efficiency" suggest that an economy:
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is able to get more output from a given amount of inputs.
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Which of the following lists include only capital resources(and therefore no labor or land resources)?
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Autos owned by a car rental firm; computers at the car rental agency; the vans that shuttle rental customers to and from the airport.
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Money is not an economic resource because:
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money, as such, is not productive.
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Economic resources are also called:
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factors of production.
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