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What is the measure of economic performance that indicates how efficiently inputs are converted into output?
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
Using markets as the primary means of organizing and coordinating production, is what type of system
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
Which of the following is not an example of an increase in productivity?
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
What is the quantity of goods or services produced?
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
Are: 1) What should I produce? 2) How much should I produce? 3) Who will buy the goods or services?
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
Refers to man made goods, such as tools, which are used to produce other goods
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
The condition of scarcity exists because
Productivity
3 economic questions
Physical capital
Producing more output with more inputs
there aren't enough resources to produce everyone's wants.
Output
Market
Entrepreneurs
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