"Factors of production" is a term that can be used interchangeably with:
A)Models.
B)Consumer goods.
C)Either resources or inputs.
D)Technologies.

Question

Quizplus · Accepted Answer

Factors of production are the resources or inputs that are required to produce goods and services. The factors of production include land (natural resources), labor (human effort), capital (tools and equipment), and entrepreneurship (the ability to organize and manage resources). The term "factors of production" is not interchangeable with models, consumer goods, or technologies.

"Factors of Production" Is a Term That Can Be Used