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Chapter Six Notes

G labor capital and materials we can divide inputs

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Unformatted text preview: are simply paid a weekly or monthly salary. The Technology of Production Factors of production □ Inputs into the production process (e.g., labor, capital, and materials). We can divide inputs into the broad categories of labor, materials and capital, each of which might include more narrow subdivisions. Labor inputs include skilled workers (carpenters, engineers) and unskilled workers (agricultural workers), as well as the entrepreneurial efforts of the firm’s managers. Materials inc...
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