Question

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Answer 1

Answer:

1. In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.
2. the secondary sector of the economy is an economic sector in the three-sector theory which describes the role of manufacturing. It encompasses the industries which produce a finished, usable product or are involved in construction.
3. Final goods and services are goods and services that have been purchased for final use or goods and services that will not be resold or used in production within the year.
4. Gross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period.The gross domestic product (GDP) of a nation is an estimate of the total value of all the goods and services it produced during a specific period, usually a quarter or a year.
5. Intermediate goods, producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods. A firm may make and then use intermediate goods, or make and then sell, or buy then use them.

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