Factors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.

Factors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter10: Financing And Producing Goods

Section: Chapter Questions

Problem 6AA

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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Factors of production are

A) the mathematical calculations firms make in determining their optimal production levels.

B) social and political conditions that affect production.

C) the physical relationships between economic inputs and outputs.

D) inputs into the production process.

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