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ECON-102-PSU-EXAM-1REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100% Production - <<ANSWER>>Any activity that results in the conversion of resources into products that can $17.99
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ECON-102-PSU-EXAM-1REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100% Production - <<ANSWER>>Any activity that results in the conversion of resources into products that can
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Course
ECON 102
Institution
ECON 102
ECON-102-PSU-EXAM-1REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS
AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%
Production - <<ANSWER>>Any activity that results in the conversion of resources into
products that can be used in consumption
ECON-102-PSU-EXAM-1REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS
AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%
Production - <<ANSWER>>Any activity that results in the conversion of resources into
products that can be used in consumption
Factors of Prduction - <<ANSWER>>Land, Labor, Physical Capital, Human Capital,
Entrepreneurship
Land - <<ANSWER>>The natural resources that are available from nature. Land as a
resource includes location, original fertility and mineral deposits, topography, climate,
water, and vegetation
Labor - <<ANSWER>>productive contributions of humans who work
Physical Capital - <<ANSWER>>all manufactured resources, including buildings,
equipment, machines, and improvements to land that are used for production
Human Capital - <<ANSWER>>The accumulated training and education of workers
Entrepreneurship - <<ANSWER>>The component of human resources of human
resources that performs the functions of raising capital; organizing, managing, and
assembling other factors of production; making basic business policy decisions; and
taking risks
Goods - <<ANSWER>>All things from which individuals derive satisfaction or happiness
Economic Goods - <<ANSWER>>Goods that are scarce, for which the quantity
demanded exceeds the quantity supplied at a zero price
Services - <<ANSWER>>Mental or physical labor or assistance purchased by
consumers
Opportunity Cost - <<ANSWER>>the highest-valued, next-best alternative that must be
sacrificed to obtain something or to satisfy a want
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