Production
What is production?
is the creation of goods and services
What is input?
The specific economic resources used in producing goods and services are called
WHat is conversion process
Inputs turn into products during
What is outputs
The goods and services produced as the result of combining inputs are called
What goods or services do the following businesses produce?
The basic categories of inputs are
natural resources and capital
process include
manufacturing, cooking, teaching, constructing, printing,
outputs can be
tangible good or intangible service
What components are needed for production to occur?
humans and natural
a business must have workers,
true
Some conversion processes rely heavily on the special skills of workers.
labor-intensive processes.
are sold to producers who will use them to make other product
industrial goods.
What is all resources is used called?
Factors of production
employee should be paid
paid wages and benefits.
Other conversion processes depend more on the use of equipment than human resources
known as capital-intensive processes.
Outputs are categorized as
consumer goods
Good and service do just create themselves
the money a business uses to purchase
crowdfunding,
dentists performing tooth repair and contractors constructing homes
labor-intensive processe
that are sold to producers who will use them to make other products are called
industrial goods