Question

Define the following terms:
a) Production

b) Factors of production

c) Factor income

Answer 1

Answer:

a.The action of making or manufacturing from components or raw materials, or the process of being so manufactured.

b. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

C.Factor income is income received from the factors of production: the inputs used in the production of goods or services in order to make an economic profit. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is called profit.

Answer 2

Answer:

Production:The making or growing of something

Factors of production:Image result for factors of production: In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.

Factor income:Factor Income is income derived from selling the services of factors of production. In the case of labour, this means wages, plus the part of the incomes of the self-employed which is a reward for their own labour.

Explanation:

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