A(n) ____________________ Combines Related Data Items in Much the Same

question 74

Short Answer

A(n) ____________________ combines related data items in much the same way a record does, but it extends the record to include methods for manipulating data items.

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Definitions:

Economic Resources

Assets or inputs, including land, labor, capital, and entrepreneurship, that are used in the production of goods and services.

Costs

Expenses incurred in the production of goods or services, including materials, labor, and overhead expenses.

Firms

Business organizations or entities engaged in commercial, industrial, or professional activities, aiming to generate profits.

Resource Prices

The costs associated with acquiring the inputs or raw materials needed for production.