Question

An economic unit transforms _______ into output

Answer 1

Answer:

Economic unit means a group of related or unrelated persons who share housing and all significant income and expenses.

Answer 2

Answer:

An economic unit transforms input into output.

Explanation:

• An economic unit is a collection of people, related or not, who live together and share all major costs and incomes.
• Labor must be transferred from low-productivity to higher-productivity occupations when the economy changes.
• This applies both within sectors (for example, from agriculture to manufacturing) and across sectors to higher value activities (for example, from subsistence farming to high-value crops).
• Economic transformation is a long-term, ongoing process that moves labour and other resources from lower-productivity to higher-productivity activities both within and across sectors.
• The goal is to support sustained increases in the overall labour productivity and produce more diversified and complex productive activities.

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