Question

You are determining the productivity of your company's service. In your calculation, the inputs used consist of the sum of your company's labor, materials, energy, and capital costs. This can also be referred to as:

1) Multiple-factor productivity
2) Productivity utilization
3) Multi-input efficiency
4) Extended productivity

Answer 1

Inputs, also known as factors of production, are the resources used in the production of goods and services. The cost of production is determined by multiplying the amount of each input by the associated factor payment.

Step-by-step explanation:

Inputs, also known as factors of production, are the resources such as labor, materials, energy, and capital costs that are used to produce goods and services. These inputs are essential for the functioning of a business and contribute to the cost of production. For every input, there is an associated factor payment, such as wages and salaries for labor. The cost of production for a given quantity of output is calculated by multiplying the amount of each input required to produce that quantity of output by the associated factor payment.