This profit-maximizing/loss-minimizing firm is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a incurring an economic loss of $500 in the short run. b earning an economic profit of $200 in the short run. c earning an economic profit of $300 in the short run. d earning a normal profit (zero economic profit) in the short run.

Explanation is in the file

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know