True. Because all resources are limited and become scarce.
True.
true
False
True. Capital goods are manufactured goods that are used to produce other goods and services. They include items like machinery, tools, and equipment that aid in the production process, distinguishing them from consumer goods that are intended for direct consumption.
Yes It Is True!
True.
true
False
True. Capital goods are manufactured goods that are used to produce other goods and services. They include items like machinery, tools, and equipment that aid in the production process, distinguishing them from consumer goods that are intended for direct consumption.
Yes It Is True!
True Economic growth occurs when there is an increase in the production of goods and services (GDP) of a certain period of time. With more resources available more goods or services can be produced
False - economists are concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society
True
True. Producers can also be consumers of goods and services, as they may purchase items for personal use or to support their operations. For example, a farmer (producer) may buy household goods (consumer) or equipment for farming. This dual role highlights the interconnectedness of economic roles within a market.
False. Economics is not solely the study of money; it is a broader social science that examines how individuals, businesses, and societies allocate scarce resources to satisfy their needs and wants. While money is an important aspect of economics, the discipline also explores topics such as production, consumption, and distribution of goods and services, as well as the behavior of markets and economic systems.
True.
True