What term is used to describe the way that the various factors of production are combined to obtain output?
A)Opportunity costs.
B)Types of economies.
C)Ways of coordinating an economy.
D)Technology.

Question

Quizplus · Accepted Answer

The term used to describe the way that the various factors of production (such as labor, capital, and land) are combined to obtain output is technology. Technology is the set of knowledge, tools, and techniques used to produce goods and services. It impacts the efficiency and productivity of the economy by enabling the production of more output with fewer resources. The other options (A, B, and C) refer to different economic concepts, but they do not directly relate to the process of combining factors of production to obtain output.

What Term Is Used to Describe the Way That the Various