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Semmy [17]
3 years ago
10

The process of production is determined by the ____________ which are the economic resources used for creating output.A) factors

of productionB) consumer utilitiesC) national sovereigntiesD) labor and land
Business
1 answer:
statuscvo [17]3 years ago
7 0

Answer:

The answer is letter A, factors of production.

Explanation:

In economics, the process of production refers to the combination of material inputs and immaterial inputs (the know-how) in order to produce an output that is required by the market. In order to determine the process, it is important to know the factors of production.

<em>The factors of production are the inputs used in order to produce an output, goods or services. </em>There are mainly four factors of production: land, labor, capital and enterprise.

1. Land - refers to the natural resources available for production.

2. Labor - refers to the human input into the production process.

3. Enterprise- refers to the entrepreneurs who organize factors of production and take risks.

4. Capital- refers to the goods used in the supply of other products.

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