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This video defines the four factors of production: Land, Labor, Capital, and Entrepreneurship. Payments to these four factors are called rent, wages, interest, and profits respectively.
Explore the differences between traditional, command, and market economies and see how each of them answer the three basic questions:
What will be produced?
How will we make it?
Who will get it?
This videos comes from Marginal Revolution, and it offers a look at how market economies organize the production of goods and services.
Money never sleeps. It is always changing hands in the circular flow of economic activity. The key diagram is the two-factor market, where households own the resources and pay for the goods and services, and firms sell the goods and services and pay for the resources.
When we specialize in the activities we have a comparative advantage in, and then trade with one another, we gain. when we work together, the result is greater than the sum of our parts.
Answer each question on a piece of paper. Then watch the solution video. Trust me, I make the answer look easy. If you don't try it first, you won't build up your mechanism for answering Assessment questions.
Graphs are an important tool in economics. This video is for those looking to brush up on their understanding of graphs.