ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes, I understand this from the notes
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No, I don’t understand this from the notes
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No, I don’t understand this, as I have not read the notes
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None of the above
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Detailed explanation-1: -As previously stated, production involves converting inputs (natural resources, raw materials, human resources, capital) into outputs(products or services).
Detailed explanation-2: -What is a production process? A production process is a method of using economic input or resources, like labor, capital equipment or land, to provide goods and services to consumers.
Detailed explanation-3: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
Detailed explanation-4: -Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output.