Factors of Production

The total value of all goods and services produced in a country in one year.

The total amount of money in circulation in a country.

The average salary of workers in a country.

The total population of a country.

'Produce' means to create or make something, while 'product' is something that has been created or made to be sold or traded.

'Produce' is something you buy, while 'product' is something you sell.

'Produce' and 'product' both mean the same thing in economics.

'Produce' is always used for food, while 'product' is used for technology.

It makes it easier to produce goods without importing from other countries.

It allows for more raw materials to be exported for profit.

It always guarantees a high GDP regardless of management.

It can make it easier or more difficult to make products or profit.

To increase competition for large corporations

To lower the risk and cost with incentives and tax breaks

To discourage innovation

To reduce job opportunities in the community