A Basic Factor of Production That Is Used to Produce

question 13

Multiple Choice

A basic factor of production that is used to produce output is:

• A) technology.
• B) labor.
• C) capital.
• D) All of these are considered factor inputs.

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets including physical, intellectual, and real property.

Mutually Agreeable Transactions

Exchanges between parties that both sides consent to because they are beneficial.

Equal Distribution

The concept of ensuring that resources, wealth, or opportunities are evenly distributed among all members of society.

Resource Allocation

The process of distributing available resources among various competing needs and wants.