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March 2, 2015

Homework Help: Microeconomics

Posted by Lena on Wednesday, May 4, 2011 at 10:04pm.

I'm just confused about this one concept. My lecture notes say the following:

Markets for goods + services:
- firms sell
- households buy

Markets for Factors of Production:
- Households sell
- Firms buy

I don't understand the "factors of production". What does that even mean? Thanks

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