The Three Main Factors of Production, or Categories of Inputs

question 37

Short Answer

The three main factors of production, or categories of inputs, used by firms to produce goods and services are

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Definitions:

Character Formation

The process of developing and defining one's personal beliefs, values, and behaviors.

Associations

The company one keeps, as in family, friends, and other role models who help shape one’s life; important determinants of individual character.

Self-Concept

An individual's understanding of who they are based on their beliefs, characteristics, and values.

Heteronomy

The condition of being influenced, controlled, or governed by external forces or other people, as opposed to autonomy.