The Key Distinction Between a Factor of Production and an Input

question 262

Multiple Choice

The key distinction between a factor of production and an input is that:

• A)an input is an enduring source of income,but a factor of production is used up in production.
• B)a factor of production earns income from selling its services over and over again,but an input does not.
• C)an input earns income from selling its services over and over again,but a factor of production does not.
• D)a factor of production has limited earning potential.

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Definitions:

Cause-Effect Relationships

The principle of causality that establishes the relationship between something that happens (the cause) and the thing that happens as a result (the effect).

Precausal Thinking

A type of logic in young children characterized by a lack of understanding of cause-and-effect relationships.

Egocentric Thinking

A cognitive perspective where an individual has difficulty understanding or acknowledging viewpoints other than their own.

Sensorimotor Stage

The first of Piaget's stages of cognitive development, where infants from birth to approximately two years old learn about the world through their senses and actions.