Factors of production are different from inputs in that factors of production:
A) can be used over and over again,but inputs cannot.
B) can be used only once,whereas an input can be used over and over again.
C) refer only to labour,while inputs refer to machinery.
D) encompass only land and other natural factors,while inputs are ingredients.

Question

Quizplus · Accepted Answer

Factors of production are resources that are used to produce goods and services, and they can be used repeatedly in the production process. Inputs, on the other hand, refer to the resources that are used up in the production process and can only be used once. Therefore, option A is the best choice. The other options are incorrect because factors of production encompass not only labor but also land, capital, and entrepreneurship, and they do not necessarily refer to natural factors alone. Similarly, inputs can refer to both raw materials and machinery, among other things.

Factors of Production Are Different from Inputs in That Factors