The Four Factors of Production
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YouTubeProfessor Dave Explains
The Four Factors of Production
By now we know about scarcity, resources, goods, and services. So how are scarce resources turned into goods and services? Via the four factors of production! These are land, labor, capital, and entrepreneurship. You may have an idea regarding what these entail, but there are some details that are very important which are often misunderstood ...
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