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A farmer uses soil, seeds, a highly skilled foreman, tractors, and a barn to produce his harvest. Which factor of production is the farmer?
Bushel
A measure of volume that is used primarily in agriculture, equal to about 35.24 liters in the USA.
Absolute Advantage
The ability of an entity to produce a good or offer a service at a lower cost per unit, using fewer resources, than competitors or another entity.
Specialization And Trade
The practice where individuals or entities focus on the production of specific goods or services to trade for other goods or services rather than producing everything they need by themselves.
Terms Of Trade
The ratio of an index of a country's export prices to an index of its import prices.
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