Consumption goods and services represent 85 percent of total production; capital goods represent 15 percent.

Goods and services are produced by using the four factors of production: land, labor, capital, and entrepreneurship.

The incomes people earn (rent for land, wages for labor, interest for capital, and profit for entrepreneurship) determine who gets the goods and services produced.

Describe what, how, and for whom goods and services are produced in the United States.

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Forty-three percent of the world’s production (by value) comes from the advanced industrial countries and 57 percent comes from the emerging market and developing economies.