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Describe the five factors of production.
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- Everything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?Discuss the factors of production and how it can be accessed.