ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Industrial machinery is an example of
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A factor of production that in the past was an output from the production process
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A technological knowledge
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A production function’
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An item which always
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Explanation:
Detailed explanation-1: -Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital.
Detailed explanation-2: -Industrial machinery is an example of a factor of production that in the past was an output from the production process. Industrial machinery can be used to produce production factors or final goods.
Detailed explanation-3: -production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.
There is 1 question to complete.