The Feasible Means of Converting Raw Inputs Such as Steel

question 159

Multiple Choice

The feasible means of converting raw inputs such as steel, labor, and machinery into an output are summarized by:

• A) Land.
• B) Production.
• C) Capital.
• D) Technology.

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Definitions:

Production Capacities

The maximum output levels that a company or economy can achieve with the current resources and technology.

Vertically Integrated

A form of business organization where a company controls multiple stages of production or distribution within the same industry, from raw materials to final product delivery.

Divisions

The categorizations within a field or discipline based on different criteria or functions.

Finished Goods

Finished goods are products that have completed the manufacturing process and are ready to be sold to customers.