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Questions and Answers
Which of the following is NOT considered a factor of production in economics?
Which of the following is NOT considered a factor of production in economics?
- Land
- Labor
- Money (correct)
- Capital
What is the difference between producer goods and consumer goods?
What is the difference between producer goods and consumer goods?
- Producer goods are used to produce other goods and services, while consumer goods are purchased by consumers for their own use. (correct)
- Producer goods are used to produce other goods and services, while consumer goods are used in the production process.
- Producer goods and consumer goods are the same thing.
- Producer goods are purchased by consumers for their own use, while consumer goods are used to produce other goods and services.
What is the main focus of economics?
What is the main focus of economics?
- The study of how human beings make decisions in a world with limited resources. (correct)
- The study of how to maximize profits for businesses.
- The study of how to create more jobs for the unemployed.
- The study of how to increase government revenue through taxes.
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