Keyword Analysis & Research: production definition quizlet

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What is the means of production in economics?

Let's review. The means of production are the resources and tools that make it possible for products and services to get created. By the time of early industrial society, the means of production included the machinery and raw materials in a factory. Now it also includes offices, computers, and other technology.

What are the means of production of a society?

The means of production of a society include all of the physical elements, aside from human beings, that go into producing goods and services, including the natural resources, machines, tools, offices, computers, and means of distribution, such as stores and the internet.

What was the importance of means of production in the Industrial Revolution?

Few means of production were required to produce such a small set of goods, and workers were in close relationship to their tools and resources, as well as anyone purchasing from them. These commodities (goods and services) served human needs and could be exchanged for other items of value or for currency.

What would cause a shift in the mode of production?

A shift in the ownership of the means of production would cause a shift in the mode of production. The mode of production involves the ways that commodities get produced in a society through economic systems such as feudalism, capitalism, socialism, or communism.


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