M5L4

What is the process of increasing the attractiveness of a product to make it more useful or desirable?

Form utility

Outputs can be grouped into either tangible or intangible products. Which of the following would be considered a tangible product?

Clothing

Which of the following is a factor of production?

All of the answer choices are correct

Turning crude oil to gasoline or filtering water to purify it are both examples of what?

Form utility

What are outputs that are sold to another producer who creates another product using the output?

Industrial goods

In which stage of the production process do inputs turn into products?

Conversion process

Keeping production costs down enables a company to lower the cost of its final product. This type of efficient production enables businesses to be

Competitive

What are the specific economic resources used in producing goods and services?

Inputs

Which of the following is a component required for production?

Inputs

What is the creation of goods and services from economic resources?

Production