Final answer:
The statement regarding work in process is true. It includes all materials that are partway through the manufacturing process but not yet complete. In pizza production, the factors of production are labor, capital, and raw materials such as flour, water, yeast, and toppings.
Step-by-step explanation:
The concept of work in process refers to materials that are currently being transformed in the production process but are not yet finished goods. It includes any items that are in progress at a manufacturing site at a given point in time. Therefore, the statement 'Work in process consists of all partially completed units found in production at a given point in time' is true.
When considering the production of pizza, the inputs or factors of production include labor provided by the pizzaiolo, capital like the oven and the cooking tools such as the peel, and raw materials which encompass flour, water, yeast, tomatoes, spices, cheese, and other toppings. Each of these components is essential for creating the final product, which in this case is the pizza that is sold to the customer.