Question

A _______ is an action or series of actions that transform inputs into outputs. (Enter only one word per blank.)

Answer 1

Production is the process a firm uses to transform inputs into outputs. In the case of pizza making, the inputs or factors of production include labor, capital, and raw materials.

Step-by-step explanation:

Production is the process a firm uses to transform inputs into outputs. In the case of pizza making, the inputs or factors of production include labor (the pizzaiolo), capital (the oven and tools), and raw materials (flour, water, yeast, tomatoes, spices, cheese, etc.). These inputs are transformed into the final product, which is the pizza that the customer pays for and consumes.