What Is a Characteristic of Factors of Production

question 227

Multiple Choice

What is a characteristic of factors of production?

• A) They are used to produce goods and services.
• B) They are owned by firms.
• C) They are abundant in most economies.
• D) They are provided by both firms and households.

Understand the process and methods used to evaluate the effectiveness of advertising campaigns.

Learn the various methods used by firms to determine their promotional budgets.

Recognize different sales promotion tools and their purposes.

Grasp the concepts of reach, frequency, and how they affect marketing strategy.

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Definitions:

Budget Constraint

A budget constraint represents the combinations of goods and services that a consumer can purchase given their income and the prices of those goods and services.

DVDs

Optical disc storage format used to store high capacity data like movies, software, and other digital content.

CDs

Short for Certificates of Deposit, which are savings certificates with a fixed maturity date and specified fixed interest rate that are issued by banks.

Budget Constraint

A budget constraint represents the limitations on the spending choices of consumers based on their income and the prices of goods and services.