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Operating system software controls the application software and manages how the hardware devices work together. When using Excel to create and print a graph, the operating system software controls the process, ensures that a printer is attached and has paper, and sends the graph to the printer along with instructions on how to print it. Some computers are configured with two operating systems so they can dual boot-provide the user with the option of choosing the operating system when the computer is turned on.
Amounts of Factors
The quantities of inputs or resources (such as labor, capital, and materials) used in the production of goods or services.
Three-Factor Production Function
A mathematical model in economics that describes output as a function of three inputs: labor, capital, and land or raw materials.
Factor Prices
The prices of inputs used in the production of goods and services, such as labor, capital, and raw materials.
Cost of Production
The total expenditure incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.
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