Business Production Factors Quiz

Resources a company uses to produce goods and services.

Physical assets used in production, like machines and computers.

Natural resources like land and water.

The physical or intellectual work done by employees.

The ability to plan, organize, and innovate to manage a company, including research and development projects.

The ratio of output produced to the inputs used in production, often expressed as output per unit of input.

A company is considered productive when it produces more goods or services with the same or fewer inputs.

The ability to achieve a desired outcome. It means you reached your goal, but it doesn't necessarily mean you did it efficiently.

The ability to achieve a desired outcome with minimal costs. It means you reached your goal in the most effective way possible.

Factors of production that can be adjusted quickly, based on the current production needs.