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Advanced Placement (AP)Advanced Placement (AP)
2 December, 22:33

Explain the relationship between factors of production, firms, and factor prices

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  1. 3 December, 00:18
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    Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital.

    Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land
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