__________ Is the Overall Output of Goods or Services Produced

question 46

Multiple Choice

__________ is the overall output of goods or services produced divided by the inputs needed to generate that output.

• A) Factoring
• B) Effectiveness
• C) Performance correlation
• D) Productivity
• E) Feedback

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Definitions:

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.

Explicit Costs

Direct, out-of-pocket payments for goods and services required to run a business.

Accounting Profit

Sales minus explicit cost. Implicit costs are not considered.