Pencils, Brooms, and Gloves Are Examples of ________, While Factories

question 114

Short Answer

Pencils, brooms, and gloves are examples of ________, while factories, water towers, and airplanes are examples of __________.
capital items; expense items
supplies; installations
services; capital items
expense items; capital items
capital items; supplies

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Definitions:

Total Product

The overall amount of products made by a company within a specific timeframe.

Marginal Product

The additional output produced by using one more unit of a variable input, holding other inputs constant.

Labor Input

The amount of work or effort provided by employees or workers that is used in the production of goods and services.

Total Product

The total output or production achieved by a firm or economy at a given level of input.