An Open System Uses Resources from Its External Environment and Converts

question 37

True/False

An open system uses resources from its external environment and converts them into goods and services.

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Definitions:

Output Level

The amount of products or services generated by a company or economic system within a specified timeframe.

Marginal Revenue

The additional income earned from selling one more unit of a good or service.

Output

The volume of output in terms of products or services from a business, sector, or country within a designated timeframe.

Units

Units are standard measures or quantities used to specify or quantify the dimensions, amount, or capacity of something.