Another Term for Factors of Production Is

question 125

Multiple Choice

Another term for factors of production is

• A) outputs.
• B) inputs.
• C) profits.
• D) revenues.
• E) costs.

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Definitions:

Personal Savings

The portion of an individual's income that is not spent on consumption and is saved for future expenses, investments, or emergencies.

Explicit Cost

Direct, out-of-pocket payments for the purchase of inputs or resources for business operations.

Marginal Product

The additional output resulting from using one more unit of a given input, holding all other inputs constant.

Total Cost Curve

Represents the total economic cost of production, which is the sum of fixed and variable costs at different levels of output.