Understanding Economics Series
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Common sense economic lessons for the interested layman. How a free market economy works, from an Austrian School perspective.
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Lesson Two: Land, Labor, & Capital.
An overview of the process of production, and an analysis of the three factors of production – land, labor, and capital. The definition, importance, and function of each of the factors. Also, an extended example of a single-man economy (Robinson Crusoe) and how the process of production involves the cooperation of land, labor, and capital. Also, the importance of capital accumulation for economic growth and prosperity.
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