Multiple Choice
Which of the following is another term for 'factors of production'?
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0. Basic Principles of Economics
Factors of Production
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Simply put, what term refers to the economic resources of a company?
A
Factors of production
B
Inputs
C
Factors
D
Assets
Verified step by step guidance1
Understand that economic resources of a company refer to the inputs used in the production process to create goods and services.
Recall that in microeconomics, these resources are commonly categorized as 'Factors of Production,' which include land, labor, capital, and entrepreneurship.
Recognize that while terms like 'Inputs' and 'Assets' are related, 'Factors of Production' is the precise term used to describe all economic resources collectively.
Note that 'Factors' alone is too vague, and the full term 'Factors of Production' is the standard terminology in economics.
Conclude that the term referring to the economic resources of a company is 'Factors of Production.'
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