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.
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:
- Outputs - This refers to the goods and services produced, not the factors that produce them.
- Revenues - This indicates income generated from sales, which isn't synonymous with production factors.
- Inputs - This is the correct term often used interchangeably with factors of production, as inputs are the resources used in production.
- Costs - This reflects the expenses incurred in producing goods and services, not the factors themselves.
- 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.
Similar Questions
Which of the following will be accomplished by efficient allocations of the factors of production?
When setting price, a company must consider many factors including the costs of:Multiple select question.organization structuredistributionpromotionproduction
Choice is necessitated by _____.*1 pointA. demand and supplyB. cost of productionC. production possibility curveD. scarcity of resources
otal of all direct costs is termed as .a.cost of production.b.cost of sales.c.prime cost.d.works cost.
The added revenue that a firm takes in when it increases output by one additional unit is ________ revenue.Group of answer choicestotalmarginalvariablefixed
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.