A firm's inputs are also known as its

Question

Quizplus · Accepted Answer

Inputs refer to the resources and factors of production used by a firm to produce its goods or services. These resources include labor, capital, land, and raw materials. Choice A (outputs) refers to the finished goods or services produced by a firm after using its inputs. Choice B (profits) refers to the amount of money a firm earns after deducting its costs from its revenues. Choice D (revenues) refers to the total amount of money a firm earns from selling its goods or services. Choice E (costs) refers to the expenses incurred by a firm in producing and selling its goods or services.

A Firm's Inputs Are Also Known as Its