10 Questions
What do economists refer to as outputs?
Products or services that firms produce and can sell profitably.
What are the inputs that economists refer to?
Materials, labor, land, and equipment firms use to produce outputs.
Give an example of the materials Dell uses to produce personal computers.
Memory chips, hard drives, shipping boxes.
What is the focus when considering a firm that produces just one product?
The basic lessons that apply more generally to production.
Why do firms try to produce products or services that they can sell profitably?
To generate profit and sustain their business operations.
What are the various inputs that Dell uses to produce personal computers?
Materials (memory chips, hard drives, shipping boxes), capital equipment (conveyor belts, testing equipment, trucks), labor (computer assemblers, advertising executives, truck drivers), and land (for its factories)
What is the focus when considering a firm that produces just one product?
The simpler case in which a firm produces just one product
What are the basic lessons that apply more generally to firms producing multiple products?
The basic lessons apply more generally
Why do firms try to produce products or services that they can sell profitably?
Firms try to produce products or services that they can sell profitably in order to make a profit
What do economists refer to as outputs?
Products or services that firms produce and can sell profitably
Test your knowledge of production technologies with this quiz. Explore the concepts of inputs and outputs in the context of producing physical products and services. Learn about the factors that firms use to create their products and how they can sell them profitably. Ideal for students and professionals in economics, business, and management.
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