Factors of Production Are

question 68

Multiple Choice

Factors of production are:

• A)inputs and outputs.
• B)outputs only
• C)inputs only
• D)the minimum set of inputs that can produce a certain fixed quantity of output.

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Definitions:

Wages Increase

An upward adjustment in the amount of compensation workers receive for their labor, influencing purchasing power and cost of living.

Labor Supplied

The total hours that workers are willing to work at a given wage rate, within a specified period.

Social Security

A government program that provides financial assistance to individuals during retirement, disability, or upon the death of a primary wage earner.

Supply of Labor

The total hours that workers wish to work at a given wage rate, influenced by factors like wages, working conditions, and demographics.