What are the factors of production

A. all the human efforts involved in the production process

B. all the resources used to produce any goods and services

C. all the physical tools and equipment used in the production process

D. all the naturally occurring resources found in land, air, and water

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Business

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4 July, 14:25

What are the factors of production

A. all the human efforts involved in the production process

B. all the resources used to produce any goods and services

C. all the physical tools and equipment used in the production process

D. all the naturally occurring resources found in land, air, and water

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Answers (1)

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Moshe Hood · Answer 1

In economics, factors of production, resources, or inputs are what is used in the production process to produce output-that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are three basic resources or factors of production: land, labor, and capital. The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods

So The answer is C

What are the factors of productionA. all the human efforts involved in the production processB. all the resources used to produce any goods and servicesC. all the physical tools and equipment used in the production processD. all the naturally occurring resources found in land, air, and water