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Factors of production

Chapter 2 Economics Summary

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Factors of production

AP Economics Chapter 2 Review/Summary Economics deals with choices. In this chapter we have examined more carefully the range of choices in production that must be made in any economy. In particular, we looked at choices involving the allocation of an economy?s factors of production: labor, capital, and natural resources. In addition, in any economy, the level of technology plays a key role in determining how productive the factors of production will be. In a market economy, entrepreneurs organize factors of production and act to introduce technological change.
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