Examlex
Identify and state the historical significance of the following:
-patronage
Inputs
Resources such as labor, materials, and capital that are used in the production process to create goods and services.
Labor
Utilization of human mental and physical effort in the production process of goods and services.
Capital
Wealth in the form of money or assets, used or available for use in the production of more wealth.
Accounting Profit
The total revenue of a business minus its explicit costs; does not include opportunity costs.
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