Factors of production are:
A) the resources the economy has available to produce goods and services.
B) generally unlimited in modern economies.
C) always employed in modern economies.
D) the knowledge that can be applied to the production of goods and services.

Question

Quizplus · Accepted Answer

Factors of production refer to the resources an economy has available to produce goods and services. These resources can include land, labor, capital, and entrepreneurship.

Answer: D
 While knowledge is an important input in the production process, it is typically considered a separate factor from the traditional factors of production (land, labor, and capital).

Factors of Production Are