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Author Question: A factor of production is the same as: a. the amount of a good produced. b. the price of a good. ... (Read 139 times)

sam.t96

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on: Jun 30, 2018
A factor of production is the same as:
 a. the amount of a good produced.
  b. the price of a good.
  c. a profit of a firm.
  d. an opportunity cost.
  e. a resource.

Question 2

Which of the following are factors of production?
 a. The outputs generated by the production process transforming land, labor, and capital in to goods and services.
  b. Restricted to the land resources such as natural resources that are unimproved by human economic activity.
  c. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories).
  d. Just labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services.


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briezy

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Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

c


sam.t96

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

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Reply 3 on: Yesterday
Excellent

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