If a Good or Service Satisfies a Human Need, It

question 84

Multiple Choice

If a good or service satisfies a human need, it has

• A) value.
• B) focus.
• C) magnitude.
• D) form.
• E) utility.

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Definitions:

Factory Owner

An individual or entity that holds the ownership of a manufacturing unit where goods are produced.

Average Product

In economics, the output per unit of input, such as labor or capital, calculated by dividing total production by the total quantity of the input used in production.

Local Factory

A manufacturing facility situated within a specific locality or geographic area, contributing to the local economy.

Productivity

The efficiency with which inputs (such as labor and capital) are converted into outputs like goods and services.