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Another term for factors of production isGroup of answer choicesoutputs.revenues.inputs.costs.profits.

Question

Another term for factors of production is

Group of answer choices

  • outputs.
  • revenues.
  • inputs.
  • costs.
  • profits.
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Solution

The question asks for another term for "factors of production." Factors of production refer to the resources used in the process of producing goods and services, and they typically include land, labor, capital, and entrepreneurship.

Out of the given options:

  1. Outputs - This refers to the goods and services produced, not the factors that produce them.
  2. Revenues - This indicates income generated from sales, which isn't synonymous with production factors.
  3. Inputs - This is the correct term often used interchangeably with factors of production, as inputs are the resources used in production.
  4. Costs - This reflects the expenses incurred in producing goods and services, not the factors themselves.
  5. Profits - This is the financial gain after costs have been deducted, again not a synonym for production factors.

Final Answer

The correct answer is inputs.

This problem has been solved

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