Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in France is

The physical and mental effort people use to produce goods and services is a description of which factor of production?

A) physical capital B) labor C) entrepreneurship D) human capital

Margo orders a MacBook Pro computer from The Apple Store online to use it in her graphic design business. How will this be reflected in the figure above?

A) as expenditures on goods and services B) as a flow of a factor of production C) as a flow of goods and services bought D) as goods and services supplied E) It won't be shown in the figure because this transaction takes place neither in goods markets nor in factor markets. The figure above shows governments in the circular flow.