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Friday, November 26, 2010

factors of production

These are what I learned from my Economics (land reform and Taxation)

Factors of production –refers to the gifts of nature or the natural resources
2.labor – refers to the man power or the exertion of human effort to acquire an income – refers to produced goods which will be used to produce other goods

Is money a capital?

NO! Money is an instrument used to acquire land, labor and capital to produce goods.

4.entrepreneur - is the one who combines land labor and capital to produce goods for profit

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