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Author Question: Explain what is meant by the term production. What will be an ideal ... (Read 88 times)

iveyjurea

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on: Jun 29, 2018
Explain what is meant by the term production.
 
  What will be an ideal response?

Question 2

Define a variable and give two examples that would apply to economics.
 
  What will be an ideal response?


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catron30

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Production is the process by which inputs are combined, transformed, and turned into outputs.

Answer to Question 2

A variable is a measure that can change from time to time or from observation to observation. Income is a variableit has different values for different people and different values for the same person at different times. The rental price of a movie on a DVD is a variable; it has different values at different stores and at different times.


iveyjurea

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Reply #2 on: Jun 29, 2018
Thank you


catron30

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Reply #3 on: Jun 29, 2018
No problemo


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