Smart Cards, a Form of Input Technology That Contains an Embedded

question 28

True/False

Smart cards, a form of input technology that contains an embedded microprocessor chip, are becoming popular in the United States for use in debit and credit cards.

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Definitions:

Output

Output is the amount of goods or services produced by a person, machine, factory, or system over a specific period of time.

Labor

The effort by humans to produce goods or services in the economy. It is one of the primary factors of production.

Production Function

An equation or graph that shows the relationship between inputs (like labor and capital) and the maximum output that can be produced.

Marginal Cost

The increment in overall price involved in producing one extra unit of a product or service.