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Industrial machinery is an example of which factor of production?
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1. Introduction to Microeconomics
Factors of Production
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Which of the following is another term for 'factors of production'?
A
Goods
B
Markets
C
Resources
D
Profits
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Understand the term 'factors of production' in microeconomics: these are the inputs used to produce goods and services.
Recall the main categories of factors of production: land, labor, capital, and entrepreneurship.
Recognize that 'resources' is a common synonym for 'factors of production' because these inputs are resources used in production.
Eliminate other options: 'Goods' are outputs, 'Markets' are places or systems for exchange, and 'Profits' are returns to entrepreneurship.
Conclude that the term 'Resources' best matches the meaning of 'factors of production' in this context.
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