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Economics Chapter 1 Factors of Production

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AB
capitalanything that is used to produce goods and services
entrepreneura person who decides how to combine resources to create goods and services
factors of productionresources needed to produce goods and services
fournumber of factors of production
laborthe work people are paid to do to produce goods and services
labor forceall the people who work for money
landall the natural resources that are used to produce goods
servicesactions one person does for another


NY

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