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Which of the following statements is correct?
Factors of Production
Resources used in the production of goods and services, traditionally categorized as land, labor, capital, and entrepreneurship.
Circular-Flow Diagram
An illustrative depiction of the economy, highlighting the movement of currency among firms and households within different markets.
Goods and Services
Products and activities that fulfill the needs or desires of consumers, with goods being tangible objects and services being intangible activities.
Factors of Production
The inputs used to produce goods and services, typically classified into four main categories: land, labor, capital, and entrepreneurship.
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