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

Question

Quizplus · Accepted Answer

The conversion of resources into consumer goods or services is the process of production. It involves transforming raw materials or inputs (such as labor, capital, and natural resources) into finished goods or services that can be sold to consumers. Production is a key driver of economic growth and development, and is essential for meeting the needs and wants of individuals and societies. Human capital refers to the knowledge, skills, and abilities that people possess and can use to create value in the economy. Opportunity cost is the value of the next best alternative that must be given up when making a decision. Consumption refers to the use of goods and services by individuals or households.

The Conversion of Resources into Consumer Goods or Services Is