Select the correct answer.

What are 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

Question

11-07-2024
Business

Answered

Select the correct answer.

What are 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

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-11T13:49:35-04:00

Final answer:

Factors of production are essential resources including labor, capital, and natural resources used in producing goods and services.

Explanation:

Factors of production are the resources the economy has available to produce goods and services. Labor is the human effort that can be applied to the production of goods and services. Capital is a factor of production that has been produced for use in the production of other goods and services. Natural resources are those things found in nature that can be used for the production of goods and services.

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