Question

A "specific" factor of production is: A) critical to the production of the good or service B) not transferable to other types of production and can only be used for the product in question C) a set quantity for each unit produced D) the opposite of a general factor, meaning it must fit within certain narrow quality parameters.

Answer 1

Answer:

B) not transferable to other types of production and can only be used for the product in question

Explanation:

Specific factor of production is a factor of production that is majorly specific and relevant to a particular industry for production, and as such cannot be transferred or moved to another industry. For example, skilled workers in sericulture are specifically trained to serve as a labor factor of production in agriculture or agro-based industry, and would be difficult to be relevant in an automobile industry. Such skilled workers are immobile between both industries.