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practice testMultiple Choice

Practice Test

Question 1 • Personal Finance and Economics

Resources needed to provide goods or services are called

Answer
A
functions of production.
B
facets of production.
C
facts of production.
D
factors of production.

Explanation

Resources used to make goods or provide services are called factors of production. These include inputs such as labor, land, capital, and entrepreneurship. Therefore, “factors of production” is the correct choice.

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