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Unit 5: The Factors of Production

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    Output is produced by the factors of production – labour, capital, and land. In Chapter 12 we explore how the markets for these factors, or productive inputs, operate. We focus primarily on labour and capital.

    Chapter 13 deals with human capital – a broader concept than labour. The human capital embodied in a person depends upon her skills, education and experience, and this combination determines the rewards, or return, she obtains when employed. This chapter also explores the distribution of income in Canada and the degree of inequality in that distribution. It concludes with a brief overview of the 'top one percent'.

    Unit 5: The Factors of Production is shared under a CC BY-NC-SA 4.0 license and was authored, remixed, and/or curated by Douglas Curtis and Ian Irvine (Lyryx) via source content that was edited to conform to the style and standards of the LibreTexts platform; a detailed edit history is available upon request.