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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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DATA Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.
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PINK FADFLY
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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
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AEA
American Economic Association
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