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☆☆☆☆☆Cards in this guide (20)
What is marginal cost
Marginal cost is the change in total cost incurred by adding 1 more unit of output to production.
the amount a firm's costs change when an additional good or service is produced.
What countries have a market economic system
It is not in china but in Russia. Kawkid
What do the economic systems of other countries have in common with the economic system of the US
They face the same basic economic problems
What describes the relationship between human capital and productivity
Increased human capital leads to increased productivity.
What labor work thingsof nature into tangible products what are the products called
goods
Which factor of production includes such things as machinery and buildings used in the production of other goods
capital
Which is an argument in favor of free trade
Government subsidies to private companies will allow those companies to export more of their goods
What term is sometimes used to refer to factors of production
productive inputs
Who pays the taxes within an S corporation
Corporation Shareholders
How many nationwide districts is The Federal Reserve broken down into
The Federal Reserve is broken down into twelve districts.
Which term refers to the cost a firm incurs for capital goods
interest
Which treasury department agency is responsible for payment of government obligations including social security veterans' benefits and tax refunds
Internal Revenue Service
Once an item is consumed when does its value begin to depreciate
immediately
Once a firm knows what it should produce what must it then decide
how it will produce the goods or services
What of the following defines the term land as a factor of production
everything that is not created by humans
Is not a factor in wage variance between different occupations
Big dongs
What is Considered one of the primary factors of production plus
Entrepreneurship
Which of these would not be considered intellectual capital
cultural values
Which of the following best represents a group of elected or appointed members who oversee a company's activities
board of directors
Which of these is a form of human capital that includes the people who guide the work process of labor
management
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