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3: Confronting Scarcity- Choices in Production

  • Page ID
    290131
    • Anonymous
    • LibreTexts

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    • 3.1: Factors of Production
      This page discusses the factors of production—labor, capital, and natural resources—and their economic roles, emphasizing the importance of technology and entrepreneurs. It notes the enhancement of human capital and the evolution of capital through innovation. Technological advancements in oil discovery and various industries have improved efficiency but also displaced jobs, creating a multifaceted impact.


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