The Term Factor of Production Refers to

question 124

Multiple Choice

The term factor of production refers to

• A)Only those goods that are produced and then used to produce other goods and services.
• B)Labor only.
• C)Any resource input used to produce goods and services.
• D)Factories and machinery only.

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Definitions:

Schedule

An organized plan for tasks or events, often listed in chronological order or steps.

Cost of Goods Available

The total cost of all inventory that was available for sale during a period, including both starting inventory and the cost of goods produced or purchased.

Schedule

An arranged list or plan that specifies times at which events are intended to occur, often used for planning and organizing tasks or activities.

Cost of Goods Available

The total cost of inventory that a company has to sell in a given period, including both beginning inventory and the cost of any goods manufactured or purchased during the period.