In the context of factors of production, discuss how natural resources are different from capital.
What will be an ideal response?
Answers will vary. Natural resources include all inputs that offer value in their natural state, such as land, fresh water, wind, and mineral deposits. Most natural resources must be extracted, purified, or harnessed; people cannot actually create them. (Note that agricultural products, which people do create through planting and tending, are not a natural resource.) The value of all natural resources tends to rise with high demand, low supply, or both. Capital includes machines, tools, buildings, information, and technology-the synthetic resources that a business needs to produce goods or services. Computers and telecommunications capability have become pivotal elements of capital across a surprising range of industries, from financial services to professional sports. You may be surprised to learn that in this context, capital does not include money, but, clearly, businesses use money to acquire, maintain, and upgrade their capital.
You might also like to view...
In Goodrich Corp. v. Town of Middlebury, there were two public landfills that were designated as Superfund sites. The principally responsible parties formed a coalition to sue several municipalities for assistance in cleanup costs. During the litigation, a special master was appointed to determine which parties contributed waste and how much each contributed. When the case went to trial, the district court chose not to follow the determinations of the special master; instead, the court itself determined the liability of the municipalities. The decision was appealed. The appellate court determined that disregarding the special master's determination of liability was
A. not permissible because the district court was legally bound by the Superfund to accept the liability findings of the special master. B. not permissible because there was no error of law in the determination of liability. C. permissible because the special master should not have been appointed. D. permissible for the district court because it was within its rights to determine that the municipalities were more liable than the special master had determined.
In the commitment stage of the change process ______.
A. the individual will necessarily continue to resist the change for a long time B. the individual will almost always remain committed to the change without variance C. people will fear the change, but go ahead with it anyway D. the individual level of commitment can still continue to change
No-fault automobile liability insurance bars injured parties from suing the party at fault for ordinary claims
Indicate whether the statement is true or false
Complete the table below in accordance with the rules that must be followed to combine amounts in the Adjusted Trial Balance Section of the worksheet. Enter the new balance and whether it is entered as a debit or a credit.Trial Balance SectionAdjustments SectionNew Balance-Adjusted Trial Balance SectionSalaries Expense-Sales, Debit, $4,500Salaries Expense-Sales, Debit, $250?Supplies, Debit, $800Supplies, Credit, $735?Allowance for Doubtful Accounts, Credit $3,000Allowance for Doubtful Accounts, Credit $830?Miscellaneous Income, Credit $1,100Miscellaneous Income, Credit $280?
What will be an ideal response?