The economic participant who decides how to use the factors of production, and for what purpose, is called a:

Question

Quizplus · Accepted Answer

A firm is the economic participant that decides how to use the factors of production to produce goods or services. A household is a consumer of goods and services, while a market is a place where buyers and sellers come together to engage in transactions. A product is the output of a firm's production process.

The Economic Participant Who Decides How to Use the Factors