The term that best denotes anything a firm uses in its production process is
A) machine.
B) plant.
C) asset.
D) output.
E) input.

Question

Quizplus · Accepted Answer

The term "input" best denotes anything a firm uses in its production process, including raw materials, labor, and any other resources needed to produce goods or services. Inputs are transformed through the production process into outputs, which are the final goods or services that the firm sells to customers. While machines, plants, and other assets are also important inputs, "input" is the most inclusive term that encompasses all resources used in production.

The Term That Best Denotes Anything a Firm Uses in Its