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What is the difference between capital goods and consumer goods? Consumer goods are used repeatedly in the process of production, whereas capital goods are used up immediately. Consumer goods are created to produce goods and services, whereas capital go$2.94
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What is the difference between capital goods and consumer goods? Consumer goods are used repeatedly in the process of production, whereas capital goods are used up immediately. Consumer goods are created to produce goods and services, whereas capital go
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Course
Economics IA
Institution
University Of South Africa (Unisa)
he forgone wages are included in the calculation of the opportunity cost to society because society is losing the contribution to production that the student could have made if he or she were not studying.
Started on Friday, 11 August 2023, 11:08 AM
State Finished
Completed on Friday, 11 August 2023, 11:39 AM
Time taken 30 mins 28 secs
Marks 11.00/15.00
Grade 73.33 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this
assessment;
that I will not cheat in any way in completing and submitting this assessment.
The lack of choice between alternatives.
The ability to satisfy all needs and wants.
The existence of unlimited resources.
The availability of limited resources.
The economic or scarcity problem arises because the resources that we have available for the
production of goods and services are limited, while our needs and wants for goods and
services are unlimited.
Question 3
Complete
M ark 1.00 out of 1.00
What are wants in economics?
The resources at our disposal to produce the goods and services we need and want.
Things we need to survive, such as basic food, clean water, shelter and basic clothing.
Everything in the world around us that we can use to produce goods and services to
satisfy our needs and wants.
Things we feel might improve our lives, but we do not really need these things to survive.
Wants are the things we feel might improve our lives, but we do not really need these things to
survive – tickets to a Mamelodi Sundowns vs Kaiser Chiefs match, nail extensions or …
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