Agents of Production
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Agents of Production
In classical economics, land, labor, capital, and entrepreneurship.
Example: Last year Farmer Brown’s crop yielded $100 worth of produce. To generate that selling price, Brown incurred $25 to rent the land, $25 to pay for labor, and $25 for the use of equipment. The remaining $25 compensates him for his effort as an entrepreneur.
Example: Last year Farmer Brown’s crop yielded $100 worth of produce. To generate that selling price, Brown incurred $25 to rent the land, $25 to pay for labor, and $25 for the use of equipment. The remaining $25 compensates him for his effort as an entrepreneur.
| Agent, Agency Disclosure | |
| Agreement of Sale, Agricultural Foreign Investment Disclosure Act (AFIDA) |
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Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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