Crude Oil Is Not an Example of a Factor of Production

question 14

True/False

Crude oil is not an example of a factor of production, but when crude oil is processed into petrol, it is a factor of production.

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Definitions:

Target Market

A specific group of potential customers at whom a company aims its products or services, based on shared characteristics such as needs, preferences, or demographics.

External Environment

The conditions, entities, events, and factors surrounding an organization that influence its activities and choices, but are out of its direct control.

Cause-and-Effect Relationships

Refers to the principle that one event (the cause) directly leads to the outcome of another event (the effect).

Commercial Data

Information related to business and commerce, including sales figures, market research, customer profiles, and economic trends.