Factors of Production Are the

question 100

Multiple Choice

Factors of production are the

• A) goods that are bought by individuals and used to provide personal enjoyment.
• B) goods that are bought by businesses to produce productive resources.
• C) productive resources used to produce goods and services.
• D) productive resources used by government to increase the productivity of consumption.
• E) goods and services produced by the economy.

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Definitions:

Market Penetration

A measure and strategy of the amount by which a product or service is recognized and bought by customers in a particular market.

Product Development

The process of creating, designing, and introducing new products or improving existing ones to meet consumer needs and market demands.

Market Development

A growth strategy that identifies and develops new market segments for current products, including geographic expansion or targeting new segments.

Diversification

A strategy in business and investment to spread risks and opportunities across different markets, products, or investments.