A factor of production refers to any good or service that is ________.

Question

Quizplus · Accepted Answer

A factor of production is any input used in the production process to produce goods or services. These inputs can include land, labor, capital, and entrepreneurship. These factors are not necessarily produced in a competitive market, by the government or using scarce economic resources, but they are used to produce other goods and services. Therefore, the correct answer is C.

A Factor of Production Refers to Any Good or Service