Factors of Production Are

question 79

Multiple Choice

Factors of production are

• A)the mathematical calculations firms make in determining their optimal production levels.
• B)social and political conditions that affect production.
• C)the physical relationships between economic inputs and outputs.
• D)inputs into the production process.

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Definitions:

Illegal Performance

An action or service that cannot be legally rendered or provided in a contract due to violating laws or regulations.

Objective Impossibility

A legal concept signifying a situation where the fulfillment of a contractual obligation or duty cannot be completed by anyone due to external circumstances beyond control.

Financial Inability

Financial inability refers to a state where an individual or entity cannot fulfill financial obligations or make payments due to insufficient funds or assets.

Doctrine Of Frustration

A legal principle allowing a contract to be set aside or terminated if an unforeseen event renders contractual obligations impossible, or radically changes the party's principal purpose for entering into the contract.