Asked by Taylor Morrison on May 02, 2024
Verified
Firms are organizations that
A) take advantage of the public.
B) transform resources into products.
C) transform outputs into inputs.
D) demand consumer outputs.
Transform Resources
The process of converting resources into goods or services through manufacturing, labor, or other means of production.
- Comprehend the categorization and function of businesses within an economic system.
- Understand the fundamental objective of companies and the notion of profit.
Verified Answer
JR
Jessica RiveraMay 06, 2024
Final Answer :
B
Explanation :
Firms transform resources (inputs like labor, materials, and capital) into products (outputs) that can be sold in the market. This process is fundamental to the operation of firms in an economy, as it involves the production of goods and services for consumption or further production.
Learning Objectives
- Comprehend the categorization and function of businesses within an economic system.
- Understand the fundamental objective of companies and the notion of profit.