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.

---

Definitions:

Dissonance

A psychological conflict resulting from incongruous beliefs and attitudes held simultaneously.

Cognitions

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.

Incongruent

Referring to situations or elements that are not consistent or in harmony with each other.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.