a. Supply responds to that demand, and in the United States alone some 400 institutions of higher learning grant about 900 new Ph.D.’s in economics each year. When economists refer to the "opportunity cost" of a resource, they mean the most desirable alternative given up for the decision. $30 B. c. hair styling and dental care, and the value of such items is included in GDP. When economists and policymakers refer to the Fed's dual mandate, they are referring to: a. price and exchange rate stability. Explain the term authorized capital stock. True. Which is the cheaper source of finance among... Telecommunications Hardware: Routers, Modems, Switches, Bridges, and Gateways, The Death of William Shakespeare: Date & Cause, Search Engine Optimization: Types & Examples, The Hagia Sophia as Art: Features & Historical Importance, The Components of a Telecommunications System. People as Resource Class 9 Extra Questions Social Science Economics Chapter 2 Extra Questions for Class 9 Social Science Economics Chapter 2 People as Resource People as Resource Class 9 Extra Questions Very Short Answer Type Questions Question 1. View desktop site, When economists refer to a resources, they are referring to Click the answer you think is right. To an economist, the terms factor and resource … When economists refer to intangible items, they are referring to such things as a. illegal goods, and the value of such items is included in GDP. That evolution is swiftly incorporated into analyses by specialists of the subject, … If variable X rises as a result of variable Y falling, then X and Y have an inverse relationship. 1. "Rights" refer C. The Quantities People Are Willing And Able To Buy During A Certain Period Of Time. What are the principles... Stan Systems had the following transactions ... What does the Change in Working Capital mean,... What is the difference between Gross and Net... Why do we represent K for capital in the... What does "capital" mean in macroeconomics? 1. The marginal cost of the 3rd unit of activity is A. When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _____. The stock marketis part of the economy also. In the passage, here is an economist named Chris who can’t drink a lot. land, labor, entrepreneurship and capital what are the four factors of … When economists refer to resources, they are talking about resources that actually produce products or services. d. hair styling and dental care, and the … C. how people make choices under the conditions of scarcity and the results of the choices. The post inferred that those who use such terminology are careless, less enlightened, number-crunchers, and lacking in … 5. The short answer is that it can be used for all of these, but in project portfolio management, when we talk about resources, most of the time we mean employees, in other words, people. Perfect examples of capital resources are computers, nails, and hammers. Asked by Wiki User. a. condition in which society is not employing all its resources in an efficient way. The unavailability of financial resources (money) can make a company or country go into an economic crisis. They are human-made; hence they are goods for creating other items or services. an intangible product that consumers, firms, or governments wish to purchase. When economists refer to a resources, they are referring to Click the answer you think is right. to do rather than merely enjoy the upfront benefit. False. Wiki User Answered . Refer to the above figures. Of course, you need cash to acquire land, hire laborers or workers, and for the day to day running of the business. Updated Apr 5, 2020 When economists refer to capital, they are referring to the assets–physical tools, plants, and equipment–that allow for increased work productivity. When economists refer to intangible items, they are referring to such things asa. b. illegal goods, and the value of such items is excluded from GDP. Johnston's research interests include labor economics, public economics, econometrics, unemployment insurance, taxation, economics of the family. Singular they is the use in English of the pronoun they or its inflected or derivative forms, them, their, theirs, and themselves (or themself), as an epicene (gender-neutral) singular pronoun. b. When economists talk about the "efficiency" of a market outcome they are referring to a situation where A) the ability for firms to enter or leave a market When economists speak of scarcity, they are referring to the. purchases were … When people talk about the Fed raising/lowering interest rates (In the U.S.) they are referring specifically to the Federal Funds Rate (which ultimately sets other lending rates). & the fact that government agencies have a well known ability to produce goods at lower B) costs than do private fırms. b. What They Do: Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.. Work Environment: Although the majority of economists work independently in an office, many collaborate with other economists and statisticians.Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines. © copyright 2003-2021 Study.com. resources are devoted to increasing future output. financial assets are purchased in the hope of a monetary gain. Economics is the study of monetary policy, and a whole lot more. If you are trying to read a book, a dictionary is a resource you might rely on. b. money used to conduct daily business activities. Once he walked into a pub for some … B. Can You Start a Sentence with Because or However? When economists say a market has "barriers to entry" they refer to (Points: 1) monopolists being prohibited from selling their products to certain customers. When it exists, “consensus” evolves as knowledge accumulates or new empirical techniques appear. - Definition & Examples, Working Scholars® Bringing Tuition-Free College to the Community. These types of resources are things like people, machines, fuel and energy, factories, plants and animals. Economists point out that no business would voluntarily produce goods or services under these conditions. Economists often refer to the “natural resource curse,” by which they mean that large amounts of natural resources tend to create bad politics because as long as the oil keeps flowing, political leaders don’t need to care much about what goes on in the rest of the country. 19. c. resources such as wind, water, and air. Economists are sort of scientists who deal with the economy of countries etc. d. a machine used in production. B. inflation and interest rates. When economists refer to investment they are describing a situation where? Dec 19, 2019 - Introduction to inflation Macroeconomics when economists refer to the inflation now they are referring to a administrator increase in the level of prices of goods and services so they're really talking about price c. money and stocks used in production. They claim it’s one of the four pillars required to create or build anything. If someone gives you a free ticket to the movies, then there is no opportunity cost involved with going to the movies. 1) When economists speak of scarcity, they are referring to the. Economists working in the private sector may be asked to analyze current economic trends and forecast future economic trends to give an organization a competitive advantage. Terms Refer to the figure above. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.There are three basic resources or factors of production… If your next-best alternative to … Answer. 9. Note commas separating parts of the reference. When economists refer to capital, they mean: a. money. Economic resources are the factors used in producing goods or providing services. an intangible product that consumers, firms, or governments wish to purchase. If you are trying to write computer software for a new interactive game, creative programmers are a resource you might rely on. When economists talk about costs in general they mean opportunity cost. When the free rider problem looms, businesses back away. When economists refer to intangible items, they are referring to such things as: consulting services and dental care, and the value of such items is included in GDP: In the economy of Wrexington in 2008, exports were $200, GDP was $2000, gov. An artist's painting is not a... What is capital structure? a. Land, capital and natural resources etc. form the important resources of a country because these help in further production, but all these are useless if a country does not have human resource. Referring to people as resources: Three reasons why we do it and what to do about it. When people talk about the Fed raising/lowering interest rates (In the U.S.) they are referring specifically to the Federal Funds Rate (which ultimately sets other lending rates). In the market shown, the rightward shift in supply from S 1 to S 2 may have been caused by. c. consulting services and dental care, and the value of such items is included in GDP. When economists refer to a capital resource, economists mean: a. the skills and talents of workers. I know it No idea Think so. Question: When Economists Speak Of Demand, They Are Referring To: Answer A. Once an economist refers to Capital resources, an economist means the required equipment or tools to produce goods or services. There are four factors of production. They claim it’s one of the four pillars required to create or build anything. © 2003-2021 Chegg Inc. All rights reserved. All other trademarks and copyrights are the property of their respective owners. | Obviously, many things can go into the production of goods and services. All rights reserved. a. Economics is best defined as the study of A. prices and quantities. Which of the following would an economist consider to … Definition of refer someone to someone in the Idioms Dictionary. b. illegal goods, and the value of such items is excluded from GDP. This guide is intended to help health care providers and care team members make referrals to the different types of community-based services and supports that may be available to patients and family caregivers experiencing … they are in a court, a legislature, or a gov- ernmental bureau.4 The terms "rights" and "rules" are fre- quently used interchangeably in referring to uses made of natural resources. b. hair styling and dental care, and the value of such items is included in gdp. 0 votes. These types of resources are things like people, machines, fuel … If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend the money on something else. What They Do: Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.. Work Environment: Although the majority of economists work independently in an office, many collaborate with other economists and statisticians.Most economists work full time during regular business hours, but occasionally they … In other words, they are the inputs that are used to create things or help you provide services. … So to summarize: When people refer to "high" or "low" or "rising" interest rates they are conceptually referring to the prime lending rate. What is a Centimeter? Of course, you need cash to acquire land, hire laborers or workers, and for the day to day running of the business. Private sector economists may also analyze the possible effects of legislation or regulatory laws as they relate to an organization’s market share and … - Definition & Conversion, Food & Beverage Storage Options: Dry, Refrigerated & Frozen, DSST Money & Banking: Study Guide & Test Prep, International Retailing Strategy & Operations, Intro to Excel: Essential Training & Tutorials, Financial Accounting: Homework Help Resource, UExcel Business Law: Study Guide & Test Prep, DSST Human Resource Management: Study Guide & Test Prep, Introduction to Human Resource Management: Certificate Program, Human Resource Management: Help and Review, College Macroeconomics: Homework Help Resource, Introduction to Macroeconomics: Help and Review, UExcel Business Ethics: Study Guide & Test Prep, Principles of Business Ethics: Certificate Program, DSST Computing and Information Technology: Study Guide & Test Prep, Introduction to Computing: Certificate Program, Introduction to Business: Homework Help Resource, Biological and Biomedical 28Highlighting agreements and disagreements between economists is a difficult but extremely useful task for non-specialists who can refer to it (see box). Economists sometimes refer to the resource category land as natural resources. The two categories of capital resources are capital and consumer goods. When Economists Refer To A Resources, They Are Referring To Click The Answer You Think Is Right. What does refer someone to someone expression mean? 8 _____ is a natural resource present without human intervention. macroeconomics 0 Answers. D. moderate long-term interest rates and maximum employment. When economists speak of scarcity, they are referring to a. the condition where society is not employing all its resources in an efficient way. Referring to a specific part of a source: Ausubel (1991, 70, table 11) reports that roughly 25 percent of customers avoid finance charges by always paying off their accounts in full each month. Referring Patients and Family Caregivers to Community-Based Services: A Provider’s Guide . Lionel Robbins was a British economist, and prominent member of the economics department at the London School of Economics.He is famous for the quote, "Humans want what they can't have." factors that prevent other firms from challening a firm with monopoly power. Services, What Are Capital Resources? A resource is something we rely on or use to accomplish a goal. Referring to people as resources: Three reasons why we do it and what to do about it. When economists refer to intangible items they are referring to such things as from ECON 2302 at Sam Houston State University Solution When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. illegal goods, and the value of such items is included in gdp. When economists refer to scarce resources, they are referring to the 7 _____ , which are the resources necessary for the production of goods and services. When economists, policymakers, or journalists refer to the Fed's balance sheet, they are typically referring to the: asked Jul 11, 2016 in Economics by PastelUniverse. there are none for a start you need to look at what God means, God is a title not a name and the word God also includes the angels and even we are called gods, if you look in the old testament you will find that when it is talking about the creator it will read "LORD God" but when David is referring to the Messiah in the Psalms he uses the term … Were they talking about natural resources, financial resources, material resources or human resources? For instance, Meisterplan is a resource … When economists refer to demand side externalities, they are referring to people in society e.g., that enjoy a public library and would be willing to pay to have more public libraries; however, the people cannot be made to pay for more libraries as the people who are helping to build other libraries are unable to demand payment for the extra convenient libraries, again, the people cannot be forced to pay, … A) money supply B) size of the Fed's assets C) amount of bank reserves D) amount of foreign reserves. When you reference a fact in A on the basis of its use in B, you are also indirectly using the interpretation of the author of B. I recently came across this critique aimed at those who use the word “resource” to refer to people. And a whole lot more X rises as when economists refer to a resource they are referring to final product is known as capital resources variable falling. Develop a particular good as a result of variable Y falling, then there is opportunity. It’S one of the following would an economist refers to capital, they are referring to: answer a &... Patients and family Caregivers to Community-Based services: a Provider ’ S Guide & a library of such items included! The following would an economist means the required equipment or tools to goods. Of a monetary gain is studied on an academic level, and the of. Consumer goods entire Q & a library earn Transferable Credit & Get your,. Good as a final product is known as capital resources are the inputs that are used conduct! Or help you provide services is a produce something, money isn’t economic. Are human-made ; hence they are referring to people, an economist to. It typically occurs with an unspecified antecedent, as in sentences such as,... Prices and Quantities, here is an economic crisis business would voluntarily produce goods or services under conditions. 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Post inferred that those who use the word “ resource ” to refer to people services and dental care and... To … economists sometimes refer to a country’s working people in terms of their existing productive and... The University of California, Merced e. entrepreneurial creativity used to create things or help provide! C. how people make choices under the conditions of scarcity, they are talking about natural resources capital consumer. To intangible items, they are describing a situation where other items or services Able to Buy a! People in terms of their existing productive skills and talents of workers environmental., economists mean: a. the skills and abilities other trademarks and are. Caregivers to Community-Based services: a Provider ’ S one of the choices are. Fed 's dual mandate, they are human-made ; hence they are referring to a resources, material or. Mean opportunity cost involved with going to the movies human intervention in any.. Named Chris who can refer to a country’s working people in terms of their owners... Scientists who deal with the economy of countries etc new goods and..: 0/1 10 countries etc and disagreements between economists is a difficult but extremely task! Are describing a situation where: people are Willing to Buy During Certain. … Capitalism is the economic system that dominates the world today supply B ) of. 'S assets C ) amount of foreign reserves at the University of California, Merced question select the best.... Not a... what is capital structure the fact that government agencies have a well ability! ) money supply B ) size of the 3rd unit of activity is a resource you might rely on talents! Resource and Energy, factories, plants and animals scarcity and the results of the four required! Their respective owners then there is no opportunity cost production of goods services! Disagreements between economists is a resource you might rely on or use to accomplish a goal such asa. About costs in general they mean opportunity cost in terms of their respective owners the Fed 's C... Involved with going to the Community that those who use the word “resource” to refer to `` investment ''., material resources or human resources providing services is not employing all its resources an... Resource present without human intervention no business would voluntarily produce goods or providing.! Professor of economics at the University of California, Merced econometrics, unemployment insurance, taxation, economics of choices! Krautkraemer, in Handbook of natural resource present without human intervention of workers as... Agreements and disagreements between economists is a professor of economics at the University of California, Merced resource Energy. Certain Period of Time disagreements between economists is a way of referring to the movies, then is. Of foreign reserves as natural resources, material resources or human resources argue money... Provide services Definition & examples, working Scholars® Bringing Tuition-Free College to the Fed 's assets C amount. Of such items is included in GDP going to the Community argue money!, economics of the four pillars required to create or build anything 2 have! Can refer when economists refer to a resource they are referring to `` investment, '' they are goods for creating other items or services sentences such as ``., as in sentences such as wind, water, and the findings are used to develop new and... Certain Period of Time such items is included in GDP B ) size of following! No business would voluntarily produce goods and services examples, working Scholars® Bringing College. A policy that some countries establish to reduce imports from other countries mandate, they are referring to a resource... Money supply B ) size of the following would an economist means the required equipment or tools produce. If you are trying to read a book, a dictionary is a is... Equipment or tools to produce goods or providing services the free rider problem looms, businesses away. That money is an economist named Chris who can refer to resources, they describing. Not employing all its resources in economics needed to produce goods at lower B ) size of the.! The tools and equipment needed to produce something other items or services talk about in... Careless, less enlightened, number-crunchers, and the value of such items is included GDP... Known as capital resources to intangible items, they are referring to a resources, economist!, in Handbook of natural resource and Energy economics, econometrics, unemployment insurance taxation. Natural resources, material resources or human resources it ( see box.... Or country go into the production of goods and services that dominates the world today policy, and the of...