Fill in the Blank QuestionFill in the blank question.The purchase of welding equipment at an auto factory to build cars describes what economists call resource demand.

Fill in the Blank QuestionFill in the blank question.To firms, resource prices represent .

The costs associated with the use of resources are called:Multiple choice question.economic costs.implicit costs.explicit costs.accounting costs.

For economists, _____ refers to the amount of a product or service that people are both willing and able to buy ?Demand Supply Price Income

Fill in the Blank QuestionFill in the blank question.The strength of the demand for any resource will depend on the of the resource and the market of the good or service that the resource helps produce. (Enter one word for each blank)

Fill in the Blank QuestionFill in the blank question.Other things equal, an increase in the demand for a product will the demand for a resource used in its production, whereas a decrease in product demand will the demand for that resource.