What are affected by the factors of production? Check all that apply. A. The demand of the item B. The availability of the item C. The cost of the item D. The quality of the item E. The popularity of the item

Question

Social Studies

Dalia

15 November, 12:10

What are affected by the factors of production? Check all that apply. A. The demand of the item B. The availability of the item C. The cost of the item D. The quality of the item E. The popularity of the item

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Answers (2)

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Rihanna Drake · Answer 1

The following things are affected by the factors of production:

- the demand of the item

- the cost of the item (some factors are more expensive and rare than other)

- the quality of the item

Mekhi Stout · Answer 2

Factors of production are an economic term that represents the input data used in the production of goods and services in order to obtain profit. Factors of production include land, labor, capital, and entrepreneurship. The tendency of all manufacturers and service providers is that with as little as possible costs, it offers the best possible product to the market, and thus make profit. If the price of the product is higher, demand decreases and production is encouraged, and vice versa. The more you invest in the factors of production, the product will be better. The value and satisfaction that people receive from products and services, and the activities they are striving to make when buying, is the utility. So, the factors of production affect:

A. The demand of the item

C. The cost of the item

D. The quality of the item