Define the Following Terms: Jan Sobieski

question 70

Short Answer

Define the following terms: Jan Sobieski

---

Definitions:

Production

The process that transforms scarce resources into useful goods and services.

Inputs

Resources used in the production process, including labor, capital, and materials.

Outputs

Goods and services of value to households.

Explicit Costs

Payments made directly to external parties as part of business operations, including salaries, rental fees, and the cost of goods.