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RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.

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ASSUMPTIONS, PRODUCTION POSSIBILITIES

The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

IRBNE
Income Received But Not Earned
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