Production Function in Economics Quiz

Transformation of factors of production into commodities and services desired for consumption and investment.

A producing unit that converts inputs into outputs for sale to consumers, other businesses, government, and foreign countries.

The production function demonstrates the relationship between inputs and outputs in the production process.

Factors of production are transformed into outputs for consumption and investment.

It converts inputs into output for sale

Illustrates how inputs are converted into output

It decreases efficiency in the economy

Consumers, other business firms, government, and foreign countries