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What is meant by means of production?

The means of production is the social use and ownership of the elements needed to produce goods and services. A good is an object that people use to satisfy their wants. Examples of goods include a cellphone, a book, or a hairbrush. A service is anything that someone does to satisfy another human's wants, usually for payment.

What are some examples of means of production?

The means of production include land, labor and capital. Examples of land include natural resources, which include water, oil, coal, etc. Examples of labor is an individual using mental or physical effort to complete a task, which is usually paid for.

Which of the following is a means of [knowledge] production?

In a knowledge economy, learning, research, development, innovation, ideas and creativity are the means of [knowledge] production; communication such as books, articles, videos disseminated both physically and digitally over the Internet are a means of [knowledge] distribution.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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