The factors of production are the:
A) ingredients that go into making any good or service.
B) outputs that society as a whole have chosen to produce.
C) costs and benefits of a given production process.
D) list of inputs required for a given durable good.

Question

Quizplus · Accepted Answer

The factors of production are the inputs needed to produce any good or service. These include land, labor, capital, and entrepreneurship. Therefore, choice (A) is the correct answer. Choice (B) refers to the outcomes of production, not the inputs. Choice (C) refers to the evaluation of the costs and benefits of producing a good or service, not the inputs themselves. Choice (D) is too specific and not comprehensive enough to cover all the factors of production.

The Factors of Production Are The