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1 The process of transforming inputs into outputs is called?
production
How does production management differ from operations management?
operation management is the set of activites that creates goods and services by transforming inputs into outputs.
Classification of inputs in economics?
-these are inputs that do not change with the volume of production.This means, wheter you produce or not, these factors of production are unchanged. -these inputs change in accordance with the volume of production. NO production means NO variable inputs, while more production means more variable inputs. -sage- :P e-add: sage.ronquillo@yahoo.com
What is management and organization?
is the way the inputs within the organisation are successfully transformed into outputs.
What are examples of transformed resources?
Transformed resources are inputs that undergo a change during the production process. Examples include raw materials like steel or wood, which are transformed into finished goods such as cars or furniture. Other examples include information and data, which can be processed into reports or software applications, and human labor, which is transformed into services like healthcare or education through the application of skills and expertise.
What relationship do production functions indicate between inputs and outputs?
Production functions indicate the relationship between inputs (such as labor and capital) and outputs (goods or services) in a production process. They show how the quantity of inputs affects the quantity of outputs produced.
Man is the most important factor of production. discuss?
Factors of production refers to the inputs of the production process.
What is a input economy?
An economy that speciallizes in the production of inputs
Firms purchase inputs for production from households in the .?
hahahaha
What is production concept?
Using different types of inputs to make an output is production. e.g. a firm production wheat. thus production refers to the transformation of inputs or resources into outputs of goods and securities ( education, medicine, banking, communication, transportation)
What is goods and money used in the production of goods and services?
Goods and money used in the production of goods and services are referred to as factors of production. These include tangible resources, such as raw materials and machinery, as well as financial resources that fund the production process. Together, they enable businesses to create products and deliver services that meet consumer demand. Essentially, these elements are crucial for transforming inputs into outputs in the economy.
What two things does a firm businesses use factors of production to create?
Firms use factors of production—such as land, labor, capital, and entrepreneurship—to create goods and services. These inputs are combined and transformed into products that meet consumer needs and demands. Additionally, firms also aim to generate profits by effectively utilizing these resources in the production process.
