The factors of production are:

Exhibit: Bicycles and Radishes 1​(Exhibit: Bicycles and Radishes 1) The exhibit shows production possibilities curves for two countries that produce only radishes and bicycles. The axes of both graphs are measured in equivalent units. Country A is now operating at point M, and Country B is now operating at point N. The opportunity cost of producing an additional ton of radishes would be greater in:

Specialization arises because

The basic concern of economics is to:

The concept of comparative advantage is based upon:

Scarcity exists when:

One of the two criteria for a resource to be considered as a natural resource is that it must:

When the market price is established where demand and supply curves intersect:

If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect price to:

An answer to the question “How are goods produced?” determines: