The factors of production are best defined as the
A)output produced from raw materials.
B)inputs used to produce goods and services.
C)wages paid to the workforce.
D)goods and services sold in the market.

Question

Quizplus · Accepted Answer

The factors of production are the inputs used in the production of goods and services. These inputs include land, labor, capital, and entrepreneurship. They are called "factors" because they are the basic elements that go into the production process.

The Factors of Production Are Best Defined as the