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Things used in the work of a business such as land and capital.

A type of economy that is entirely controlled by private sector organizations with no taxes

Sector of the economy which is owned by the government and funded by taxpayer's money.

The ability of any factor of production to relocate

One of the factors of production - any natural resource.

Where people and firms produce goods, exchange and consume them. Can be of any size with any amount of people and firms in it.