Flashcards and Answers – Factors Of Production Test

A factor of production that have been produced for use in the production of other goods and services.

A person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production.

The knowledge that can be applied to the production of goods and services

The skills a worker has as a result of education, training, or experience that can be used in the production of goods and services

Includes money and other "paper" assets (such as stocks and bonds) that represent claims on future payments which can be used directly or indirectly to purchase factors of production or goods and services.