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
One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them ‘productively’ because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies.