Chapter 13, Problem 3AA

To determine

To choose: The term that best completes the given sentence.

Answer to Problem 3AA

The term that best completes the given sentence is output.

Explanation of Solution

The factory uses the factors like labor, machines and raw materials to produce commodities which are known as its output. Output is the sum total of commodities produced by the factory. These outputs are used by the household for the process of consumption.

So, the answer is ‘output’.

Economics Concept Introduction

Introduction: Economic output is the total amount of commodities produced by an economy in a given period of time.