With Respect to Factors of Production,which of the Following Statements

question 118

Multiple Choice

With respect to factors of production,which of the following statements is not true?

• A)Factors of production are also known as resources.
• B)In order to produce any good or service,it is necessary to have factors of production.
• C)Factors of production include land,labor,capital,and entrepreneurship.
• D)Only those resources that are privately owned are counted as factors of production.

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Definitions:

Cost of Selling Goods

The total expense directly incurred from the production or purchase of items sold by a business.

Cost of Goods Sold

An expense recorded on the income statement that reflects the total cost of producing or purchasing the goods that a company has sold during a specific period.

Cost of Goods Sold

Represents the total cost of all goods that were sold over a specific period, including the costs associated with production or purchase.

Gross Profit

The difference between revenue and the cost of goods sold (COGS), indicating the efficiency of a company in using its labor and supplies.