We combine each of the flow types with their example:
1. Consumer spending - c. Teenager buying a cheeseburger
2. Goods and Services - d. Pair of pants
3. Factors of production - b. Teenager working for clothing store
4. Production cost- A. Rent paid for the store space
<h3>What are factors of production and what are they used for?</h3>
Factors of production are the goods needed to produce a given final product. They are the elements that make production possible. Classically, economic theory considers three factors of production:
- capital (usually represented by K)
- labor (L)
- and natural resources or land (T).
With this information, we can conclude that Material goods Are those that, as the name implies, are material and tangible.
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