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Question
Productive Resources required to produce goods and/or services are called _________________.
Productive Resources required to produce goods and/or services are called _________________.
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Solution
The correct option is A Factors of Production
In economics, factors
of production, resources, or inputs are what is used in the production process
to produce output—that is, finished goods and services. The utilized amounts of
the various inputs determine the quantity of output according to the
relationship called the production function. Productive Resources required to produce goods and/or
services are called factors of production.
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. Productive Resources required to produce goods and/or services are called factors of production.
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