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Consumer (food chain) A consumer in a food chain is a living creature that eats organisms from a different population. A consumer is a heterotroph and a producer is an autotroph. Like sea angels, they take in organic moles by consuming other organisms, so they are commonly called consumers. Heterotrophs can be classified by what they usually ...
The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). [1] The factors are also frequently labeled " producer goods or services " to distinguish them ...
Bioeconomy. Biobased economy, bioeconomy or biotechonomy is economic activity involving the use of biotechnology and biomass in the production of goods, services, or energy. The terms are widely used by regional development agencies, national and international organizations, and biotechnology companies.
Primary production is the production of chemical energy in organic compounds by living organisms. The main source of this energy is sunlight but a minute fraction of primary production is driven by lithotrophic organisms using the chemical energy of inorganic molecules. Regardless of its source, this energy is used to synthesize complex organic ...
Intermediate goods, producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods. [1] A firm may make and then use intermediate goods, or make and then sell, or buy then use them. In the production process, intermediate goods either become part of the ...
A system of production, resource allocation, and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Definition. A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5] The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand ( law of demand ...
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...