A firm is an economic institution that transforms ____ of production into ____ for consumers. -inputs; outputs -inputs; resources -factors, inputs -outputs, outputs

A firm is an economic institution that transforms ____ of production into ____ for consumers.
-inputs; outputs
-inputs; resources
-factors, inputs
-outputs, outputs

Answer

• -inputs; outputs
  Explanation:
  Consumers purchase all of the outputs of firms that are not used as inputs. Transformation of inputs to outputs through production is the what firms do. The production can as well be owned and operated by consumers who then supply the outputs to firms or other consumers. Inputs include labor, capital, while outputs are the final goods and services

Top of Form