In economic theory, a tangible good or service resulting from the process of production is known as

Related MCQs

• The dominant body of economic thinking, economic method and economic style in the period from 18th to 19th century is termed as
• The reduction in the useful life of a capital good or consumer good through economic or technological change as distinct from physical deterioration in use is termed as:
• Multiplier process in economic theory is conventionally taken to mean:
• The term used to describe a sharp slowdown in the rate of economic growth or a modest decline in economic activity is called:
• An economic good or commodity purchased by households for final consumption is called:
• Any factor of production can earn economic-rent, when its supply will be -
• The economic agent who perceives market opportunities and assembles the factors of production to exploit them in a firm is referred to as
• When the demand for a good increases with an increase in income, such a good is called -
• The economic situation in which only a single seller or producer supplies a commodity or a service is called:
• The allocation of labour such that each worker specializes in one or a few functions in the production process is known as: