Question

The factors of production are best defined as the... goods and services sold in the market. goods and services sold in the market. wages paid to the workforce. wages paid to the workforce. inputs used to produce goods and services. inputs used to produce goods and services. output produced from raw materials.

Answer 1

Answer:

inputs used to produce goods and services

Explanation:

In an economy, production may be defined as the action or the process of making or the manufacturing the components or the raw materials.

The factors of production or the factors of resources refers to those that are used in the production process process to produce the output i.e. the finished goods as well as services.

Thus the factors of production are the inputs that is used to produce the goods and the services.