Asked by
Mariana Anghel
on Oct 26, 2024Verified
Factors of production are different from inputs in that factors of production:
A) can be used over and over again,but inputs cannot.
B) can be used only once,whereas an input can be used over and over again.
C) refer only to labor,while inputs refer to machinery.
D) encompass only land and other natural factors,while inputs are ingredients.
Factors of Production
The inputs used in the production of goods or services in the process of economic activity, including land, labor, capital, and entrepreneurship.
Inputs
Resources such as labor, capital, and materials used in the production process to create an output.
- Distinguish between factors of production and inputs and their roles in economics.
Verified Answer
CJ
Learning Objectives
- Distinguish between factors of production and inputs and their roles in economics.