In economic terminology, when a resource is used to produce output it is referred to as
A) an intangible.
B) a factor of production.
C) a service.
D) a fifth element.

Question

Quizplus · Accepted Answer

The term "factor of production" refers to any resource that is used in the production process of goods or services. This includes natural resources, labor, capital, and entrepreneurship. Therefore, option B is the correct answer as it encompasses all the resources which are used to produce output. Option A refers to something which cannot be touched or perceived, option C refers to an activity, and option D is not a recognized term in economics.

In Economic Terminology, When a Resource Is Used to Produce