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8 terms

ContempEconCh1L2

STUDY
PLAY
goods
things that are bought and sold
services
activities that are bought and sold
factors of production
capital, entrepreneurship, land, labor
land
natural resources used to make goods
labor
physical or mental work that people are paid to do
entrepreneurship
taking the risk to start a new business
capital
money, equipment, buildings used to make a product to sell
productivity
how much work a worker can do in a certain time