An example of a factor of production is

Question

Quizplus · Accepted Answer

A factor of production refers to any resources that are used to produce goods and services, such as labor, capital, land, and entrepreneurship. In this case, a vintner hired by a vineyard represents the labor required to produce wine, making it an example of a factor of production. The bottle of wine produced by the vineyard is the final product that is produced using various factors of production. A loan granted to a vineyard represents capital, which is also a factor of production. The wine exported by a vineyard is the final goods and services that are produced using factors of production, but it is not a factor of production itself.

An Example of a Factor of Production Is