Question

the relationship between the factors of production used by a firm and the maximum output possible is called the

Answer 1

In economics, a factor of production, resource, or input is what is used in a production process to produce products, i.e. goods or services.

The amounts of various inputs used determine the amount of output according to a relationship known as the production function. The relationship between the inputs a firm uses and the maximum output it can produce with those inputs is called the firm's production function. Factors of production are outputs or inputs used to produce goods and services. They are the resources a business needs to make a profit by producing goods and services. Factors of production fall into four categories: Land, Labor, Capital, Entrepreneurship.

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