Which of the Following Is a Factor of Production

question 12

Multiple Choice

Which of the following is a factor of production?

• A)bonds
• B) money
• C)knowledge
• D)service

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Definitions:

Quality Management System

A formalized system that documents processes, procedures, and responsibilities for achieving quality policies and objectives.

Continuous Improvement

An ongoing effort to improve products, services, or processes through incremental and breakthrough improvements.

Internal Failure Costs

Expenses incurred due to defects before products or services are delivered to customers, including costs related to wastage, rework, and inspection.

Scrap

Material that is discarded or waste from manufacturing processes, often capable of being recycled.