Another term for factors of production isGroup of answer choicesoutputs.revenues.inputs.costs.profits.

In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.Group of answer choicesprivate enterpriseScratchcommunist economic systemScratchmixed economyScratchsocialisticScratchcapitalisticScratch

What is the term for payment received by an owner of a factor of production in excess of the opportunity cost of producing that factor?Multiple choice question.Economic rentEconomic costMarginal costMarginal rent

The change in total output divided by the change in input is known asGroup of answer choicesmarginal cost.specialization.marginal product.marginal profit.total product.

The production function shows the relationship between theGroup of answer choiceslevel of outputs that maximize revenue.quantity of total outputs and total costs.costs of inputs and the price of the output.quantity of the labor input needed for each unit of capital to minimize costs.quantity of inputs and the quantity of outputs.

The three primary factors of production areGroup of answer choicesrevenue, profits, and costs.price, quantity, and profits.capital, interest, and savings.land, labor, and capital.labor, wages, and training.