The Three Broad Types of Resources Used to Produce Goods

question 179

Multiple Choice

The three broad types of resources used to produce goods and services are also known as:

• A) economic systems.
• B) factors of production.
• C) production possibilities.
• D) financial capital.

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Definitions:

Process Value Analysis

A business methodology focused on increasing the efficiency of processes by analyzing their inputs and outputs.

Core Processes

Fundamental business processes that are essential to the operation of a company and its ability to provide value to customers.

Performance Contributions

The impact or value an individual or team adds to an organization's goals through their work, expertise, and achievements.

Work Process

The sequence of tasks or activities that are carried out to produce a particular outcome, often within a professional or industrial setting.