No Bull Economics Lessons

Macroeconomics & Microeconomics Concepts You Must Know

Basic Economic Concepts (2 of 10)

Question 2:
Which of the following is synonymous with Factors of Production?

A.  Economic Resources 
B.  Goods and Services 
C.  Real Output 
D.  Aggregate Supply

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Correct Answer:  A, Economic Resources.  Factors of Production, Economic Resources, and Economic Inputs are different ways of referring to land, labor, capital, and entrepreneurship.