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How can a teacher foster observational skills in young children?
Factors Of Production
The resources used in the production of goods and services, typically classified into four groups: land, labor, capital, and entrepreneurship.
Labor
Tasks undertaken by individuals that aid in generating goods and services within an economy.
Capital
Financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the physical factors of production including machinery and buildings.
Circular-Flow Diagram
A visual model of the economy that shows how dollars flow through markets among households and firms, illustrating the interactions between different sectors of economic activity.
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