The Three Principal Inputs in the Production Process Are

question 8

Multiple Choice

The three principal inputs in the production process are

• A) land, natural resources, and capital
• B) money, labor, and technology
• C) physical capital, human capital, and financial capital
• D) capital, labor, and total factor productivity
• E) technology, total factor productivity, and innovation

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Definitions:

Managerial Responsibility

The obligation of managers to make decisions and oversee an organization's resources and operations in an ethical, effective, and lawful manner.

Technical Skills

refer to the abilities and knowledge needed to perform specific tasks, often involving mechanical, informational, or scientific tasks.

Organisation

An entity comprising multiple people, such as a corporation or government, structured to achieve a collective goal or set of objectives.

Manager

An individual responsible for controlling or administering an organization or group of staff, making decisions on planning, organizing, leading, and controlling.