Firms use factors of production to produce goods and services. This activity of production goes beyond manufacturing (i.e., making things). It includes any process or service that creates value, including transportation, distribution, wholesale and retail sales. Production involves a number of important decisions that define a firm’s outcomes.
Conduct additional research and respond to the following discussion prompts. In your answer be sure to draw on all relevant readings and videos in this week’s materials. Also, be sure to provide examples to support your answers.
Identify and define the factors of production. Provide examples of each to support your response.
Select one firm and identify what factors of production they use to produce the good or service they produce. Provide details to support your response.
Has there ever been a time when this firm was unable to produce those goods or services? What were the circumstances of that situation?
Firms use factors of production to produce goods and services. This activity of
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