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Explain the factors of production

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1. Explain the factors of production and give an example for each one.

2. What is the difference between a normal good and an inferior good? How does this relate to the demand curve?

3. What is the consequence of a positive externality in a market? What is the consequence of a negative externality? Why do those consequences occur?

4. Briefly explain the three tax systems - proportional, progressive and regressive. As you explain each one, also compare the relationship between marginal tax rate and average tax rate as income rises for each one.

Reference no: EM13123433

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