Question

Production systems with customized outputs typically have relatively:__________

Answer 1

Production systems with customized outputs typically have relatively high volumes of output. Any technique employed in industry to produce goods and services from a variety of resources is referred to as a production system. These resources—often referred to as labor, capital, and land—are referred to by economists as "factors of production."

When considered at the most abstract level, all production systems can be thought of as "transformation processes"—processes that convert resources into usable outputs. Common resources like labor, capital (for machinery and equipment, materials, etc.), and space (land, buildings, etc.) are frequently used in the transformation process to bring about change.

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