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Resources that are used to create goods and services are called the factors of production; and entrepreneurs play a very important role with this. Entrepreneurs are the people that develop and create new and/or improved goods and services. Entrepreneurs take a risk by bringing together land, labor and capitol to produce the goods and services. In the video above, Sudeep Jain talks about the role entrepreneurs take in the factors of production and how scarcity affects the decisions of entrepreneurs.
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