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:

Income

The money a person or business receives in exchange for providing a good or service or through investing capital.

Research

The systematic investigation into and study of materials and sources to establish facts and reach new conclusions.

Standard Deviation

A statistical measure of the dispersion or variability of a set of numbers, showing how much variation exists from the average.

Risk-averse

Describes individuals or entities that prefer to avoid risk and would rather settle for a less uncertain outcome than a potentially higher but risky return.