Production possibility concept is useful in macroeconomics to ____________. a. Know the production possibility of a company b. Know the production possibility of one product c. Know the production possibility of a nation d. All of the options

Production possibility concept is useful in macroeconomics to ____________. a. Know the production possibility of a company b. Know the production possibility of one product c. Know the production possibility of a nation d. All of the options

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.1: The Basic Problem In Economics

Problem 1R

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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Branch of economics that analyzes the behavior and performance of an economy as a whole. It focuses on the study of aggregates and evaluates changes related to unemployment, gross domestic product, inflation, monetary and fiscal policies of the government.

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