Production Involves Converting Inputs into Outputs

question 7

Multiple Choice

Production involves converting inputs into outputs. Which of the following is NOT considered an input?

• A) raw materials
• B) machinery
• C) inventory
• D) human resources

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Definitions:

Private Sector

The part of the economy that is owned and operated by individuals and private companies, rather than by the government.

Increased

Describes a situation where a quantity or value becomes larger or greater over time.

Basic Research

Fundamental research aimed at gaining a comprehensive understanding of basic principles and facts, rather than immediate commercial objectives.

Immediate Payoff

A benefit or reward that is received right away, without delay.