Which of these terms are used interchangeably? a "inputs" and "factors of production" b "goods and services" and "inputs" c "land, labor and capital" and "goods and services" d "goods and services" and "factors of production"

Question

Social Studies

Jean Erickson

5 February, 06:21

Which of these terms are used interchangeably? a "inputs" and "factors of production" b "goods and services" and "inputs" c "land, labor and capital" and "goods and services" d "goods and services" and "factors of production"

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Answers (1)

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Rayan Baird · Answer 1

a.) "inputs" and "factors of production"

Explanation:

Inputs and factors of production are the words that are most often used interchangeably.

In the world of economics, inputs or resources or the factors of production are commonly used to described that is used in the various production processes that are required to produce the final product or services.

These terms are interchangeably used to determine the same meaning that is used in the production processes.

Thus the answer is a.) "inputs" and "factors of production"