Factors of production are:
A)inputs and outputs.
B)outputs only
C)inputs only
D)the minimum set of inputs that can produce a certain fixed quantity of output.

Question

Quizplus · Accepted Answer

Factors of production refer to the inputs used in the production of goods and services. These inputs include land, labor, capital, and entrepreneurship. Therefore, the correct choice is C) inputs only. Factors of production refer to the inputs used in the production process. These inputs include land, labor, capital, and entrepreneurship. Therefore, the best choice is C, which states that factors of production are inputs only.

Factors of Production Are