The conversion of resources into consumer goods or services is called
A)human capital.
B)production.
C)opportunity cost.
D)absolute advantage.

Question

Quizplus · Accepted Answer

Production involves transforming raw materials or resources into consumer goods or services. Human capital refers to the skills, knowledge and abilities possessed by individuals in a workforce. Opportunity cost is the cost of the next best alternative that is forgone when a choice is made. Absolute advantage refers to the ability of an individual or entity to produce a good or service more efficiently than others.

The Conversion of Resources into Consumer Goods or Services Is