Any Activity That Results in the Conversion of Resources into Products

question 372

Multiple Choice

Any activity that results in the conversion of resources into products that can be used in consumption is

• A) planning.
• B) investment.
• C) production.
• D) discounting.

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Definitions:

Output Increases

A situation in which the quantity of goods or services produced in an economy rises.

Production Technique

The method or process used by businesses to produce goods or services, which can vary in efficiency, cost, and quality.

Price of Labor

The wage rate or the amount of compensation workers receive in exchange for their labor.

Price of Capital

The cost of obtaining funds or resources to invest in projects, typically considered in terms of interest rates or returns required by investors.