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.

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Definitions:

Implied Warranty

An unwritten, unstated guarantee that a product will meet basic standards of quality and reliability.

Express Warranty

A seller's explicit promise or guarantee, assuring the quality or performance of a product, often included in the written contract.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law among the states.

Warranty Rights

Legal entitlements or protections afforded to consumers, guaranteeing that a product will meet certain standards of performance and quality.