Which of the following is correct? Factors of production are

Question

Quizplus · Accepted Answer

Factors of production refer to the inputs used in the production process. These inputs include land, labor, capital, and entrepreneurship. The price system is not considered a factor of production, but rather a mechanism for allocating resources based on supply and demand. The notion of factors of production as the fundamental source of abundance is incomplete, as the productivity potential of factors of production is dependent on a variety of other factors, such as technology and institutions.

Which of the Following Is Correct? Factors of Production Are