Question

A local farmer grows and sells corn and pumpkins to the local grocers. Look at the farmer's business as a system. In which category do the corn and pumpkins, profits, and losses fall?a) inputb) therbligc) transformational processd) resulte) output

Answer 1

Answer:

E) output

Explanation:

The farmer's corn and pumpkins, profits, and losses are considered output.

In economy output represents the amount of goods or services produced by a business during a certain period of time. The goods can either be sold of held in inventory for a later sale (services cannot be stocked).

The farmer produces and sells pumpkins and corn, and depending on the sales price, the output volume and his costs, he will either make a profit or have a loss.