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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.

Answer :

azikennamdi

Answer:

C: Productive resources used to produce goods and services

Explanation:

According to economics, the factors of production are inputs required to generate output which may take the form of physical goods or intangible services.

Factor of production have often been classified into four namely:

1. Land

2. Labour

3. Capital

4. Entrepreneurship

In recent times, Information has been added to the list above.

oreoluwa2001ng

Answer: c) productive resources used to produce goods and services.

Explanation: Factors of production are Land, Labor, Capital and entrepreneurship. These four factors are all productive resources used to produce goods and services.

Land when put to use earns rent, labour when put to use earns wages, capital when put to use earns profit and an entrepreneur earns profit or loss.

It to be noted that all four factors of production yield something when they are put to use. That is why we say that factors of production are productive resources that when they are put to use produces goods and services.

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