Asked by Nirvana

Who owns the factors of production?
A. firms
B. the market
C. individuals
D. households

I thought it was firms but I am not sure that I am understanding the question correctly...help?
Answered by Reed
What are the "factors" of production? Companies or corporations (firms) often own the factories or means of production. Sometimes it's an individual or a family. It depends on your definition of "factors".
Answered by Nirvana
That is why I am confused...
Answered by Reed
What does your text say? That's all you have to go on. "Factors" can mean not only the means of production (manufacturing, etc.) but natural resources (mining, oil drilling, etc.), labor, and other factors.
Answered by Nirvana
Okay, I'll hit the books again....thanks for the help Reed :)
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