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FACTORS OF PRODUCTION: The four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. These are also called resources or scarce resources. The term "factors of production" is quite descriptive of the function these "resources" perform. Labor, capital, land, and entrepreneurship are the four "factors" or items use in the "production" of goods and services. So there you have it "factors" of "production."
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MARKET The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good (the demand-side of the market) and the sellers who have it (the supply-side of the market).
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Live in such a way that you would not be ashamed to sell your parrot to the town gossip." -- Will Rogers
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SFE
Sydney Futures Exchange
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