What do economists mean by the means of production?
What are the three means?
Any time something is produced, it requires at least some of each of the three.
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Thought to Ponder
It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.
Do Markets Promote the Worst Kinds of Behavior? Critics of free enterprise often argue that it promotes the worst kind of human behavior, and it must be rejected if moral human action is to prevail. They argue that free enterprise promotes jealousy, envy, and greed…