The following factors are important in production_______________?
Correct answer: D. technology time efficiency
- A. water space air
- B. earth wind fire
- C. animal vegetable object
- D. technology time efficiency
Explanation
Technology affects production methods, while time and efficiency affect how much output can be obtained from available resources. These are important determinants of production even though they are not the four traditional factors of production.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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