What are the five basic inputs for effective economic operation?

Study for the UofT MGT100 Fundamentals of Management Exam. Practice with quizzes and detailed study materials to excel. Prepare with clear explanations and valuable tips to ace your exam!

The five basic inputs for effective economic operation are correctly identified as natural resources, capital, human resources, entrepreneurship, and technology.

Natural resources provide the raw materials needed for production and economic activities. Capital, which includes financial resources and physical assets such as machinery and buildings, facilitates the production process. Human resources encompass the workforce that drives operations and innovation, ensuring that there are skilled individuals to perform tasks and manage workflows. Entrepreneurship refers to the initiative and ability of individuals to innovate, take risks, and organize resources to create value and pursue new opportunities. Finally, technology plays a crucial role in enhancing efficiency and productivity by streamlining processes and enabling new methods of production.

This combination of inputs establishes a robust framework for economic operations, highlighting the interdependence of these elements in driving growth and sustainability in businesses and economies. While the other options include relevant aspects of economic operations, they do not encompass this specific set of inputs recognized as fundamental to effective economic functioning.

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