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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 2, Problem 2DQ
Textbook Problem
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What is meant by a “factor of production”? Have you ever sold any on a market?

To determine

To discuss the meaning of factors of production.

Explanation of Solution

Factors of production are the factors used in the production process. Generally, factors of production are classified into four categories: land, labor, capital, and entrepreneurship.

The factors of production play a vital role in the production process...

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