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is the process of using the services of labor and equipment together with other
inputs to make goods and services available.
are the labor, capital, land, natural
resources, and entrepreneurship that are combined to produce any output—cars, insurance
policies, hairstyling, hamburgers. To produce a concert, for example, the inputs would
include the concert hall, electricity, and the services of promoters, musicians, sound
technicians, equipment transporters, security guards, ticket takers, ushers, and refreshment
stand workers. To produce pizzas, the inputs would include the cooks’ labor, pizza
ingredients, pans, ovens, boxes, delivery vans, and drivers.