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

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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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Foundations Of Microeconomics

ISBN: 9780134491981

8th Edition

Authors: Robin Bade, Michael Parkin

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Question Posted: Nov 08, 2024 07:00 AM

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

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Foundations Of Microeconomics

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