The Key Distinction Between a Factor of Production and an Input

question 193

Multiple Choice

The key distinction between a factor of production and an input is that:

• A)an input is an enduring source of income, but a factor of production is used up in the production process.
• B)a factor of production earns income from selling its services over and over again but an input cannot.
• C)an input earns income from selling its services over and over again but a factor of production cannot.
• D)a factor of production has limited earning potential.

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Definitions:

Reference Groups

Social groups that individuals compare themselves to for self-evaluation or guidance in forming attitudes and behavior.

Membership Groups

Collectives that individuals belong to, where membership is often based on shared interests, objectives, or characteristics, forming a part of their social identity.

Tuckman

Refers to Bruce Tuckman's model of group development, which outlines stages such as forming, storming, norming, and performing that teams typically go through.

Developmental Stages

Specific periods in life characterized by particular patterns of behavior, thought, or development, typically associated with physical or psychological growth.