there is some barrier to entry to that market

potential competitors sometimes don’t notice the profits

the monopolist is financially powerful

antitrust laws eliminate competitors for a specified number of years

increase output

decrease output

keep output the same because profits are maximized when marginal revenue exceeds marginal cost.

raise the price

The term ’factors of production’ is another term for resources

The factor of production termed labour means human resource

The factor or production termed land means natural resources

The factor of production termed capital means the money which the owners of firms need in order to set their firms up

How are resources used?

Where are resources used?

For what are resources used?

For whom are resources used?

Households produce many goods and services for themselves

People set up some producers who do not aim to make profits

All the goods and services consumed in any country are produced by its own producers

Governments arrange the production of some goods and services