Production Technology Determines the Relationship of Total Cost to Outputs

question 54

True/False

Production technology determines the relationship of total cost to outputs.

---

Definitions:

Productive System

An arrangement of resources and processes that interact and transform inputs into valuable outputs, such as goods or services.

Just-In-Time (JIT)

A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs, delivering materials just when they are needed.

Customer Wants

Specific desires or requirements of consumers that businesses aim to meet with their products or services in order to satisfy and retain their clientele.