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EPF4 demonstrate knowledge that many factors affect income
   Income for most people is determined by the    market value of the productive resources    they sell.
   To earn income, people sell productive    resources. These include their    labor, capital, and natural resources and ...
   A wage or salary is the price of labor; it    usually is determined by the supply of and    demand for the skills and ...
4a market value of a worker
4a market value of a worker
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4a market value of a worker

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4a market value of a worker

  1. 1. EPF4 demonstrate knowledge that many factors affect income
  2. 2.  Income for most people is determined by the market value of the productive resources they sell.
  3. 3.  To earn income, people sell productive resources. These include their labor, capital, and natural resources and entrepreneurial talents. In a market economy, the market value of a resource is determined primarily by the supply and demand for that resource.
  4. 4.  A wage or salary is the price of labor; it usually is determined by the supply of and demand for the skills and knowledge (human capital) a person has.

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