Which of the following is correct?
Factors of production are
A) land, labor, the price system, and capital.
B) the inputs used to produce goods and services.
C) the fundamental source of abundance.
D) only land and labor.

Question

Quizplus · Accepted Answer

Factors of production refer to the inputs needed to produce goods and services, which include land, labor, capital, and entrepreneurship. The price system is not one of the factors of production, but rather a tool used in the allocation of resources. Additionally, while land and labor are indeed factors of production, they are not the only ones. Therefore, B is the most accurate answer.

Which of the Following Is Correct