The feasible means of converting raw inputs such as steel,labor,and machinery into an output are summarized by:
A) land.
B) production.
C) capital.
D) technology.

Question

Quizplus · Accepted Answer

Technology encompasses the means to convert raw inputs into outputs through the use of machinery, labor, and other resources. It is the driving force behind advancements in production and enables firms to improve efficiency and create more output with fewer resources. Land represents the natural resources used in production, capital refers to the financial resources used to purchase inputs, and production is the overall process of transforming inputs into output, but none of these options fully encompass the means of conversion as technology does.

The Feasible Means of Converting Raw Inputs Such as Steel,labor,and