And he DECEIVES those who DWELL ON THE EARTH because of the SIGNS
If the people in Christ's day didn't accept Him after he performed various miracles, then it follows the earth beast must perform as great or greater SIGNS to deceive the earth-dwellers. As believers, how do we tell the SIGNS apart? 1 John 4:1-6 tells us how.
E. W. Bullinger in "Commentary on Revelation" writes, "Christ's miracles, as miracles, were no evidence of His Divine mission. The real evidence was that the miracles which He wrought were the very miracles which the Prophetic Word had declared He should work, and which were on that account the sign and seal of His ministry, and formed His credentials from on high. This is clear from Matthew 11:1-6." We wonder what 'prophetic word' will the earth beast use? But, on the other hand, if this is a deception, and it is, then the earth beast won't need any 'prophetic word'. He only needs the beast standing by.
which it was given him to perform in the presence of the beast,
Note the parallel 'in the presence' in the previous verse. This presence implies that the earth beast couldn't do these SIGNS without the presence of the sea beast. In contrast, Christ didn't need anyone else's presence to do the miracles he did because He always did what was pleasing to the Father (John 8:29). While it was not necessary for the Holy Spirit to be there, I would imagine that He was there as the 'fulness of Deity' dwelt in Him (Colossians 2:9).
telling those who DWELL ON THE EARTH to make an image to the beast
It isn't clear if this image is a likeness of the beast or, more likely, one like Nebuchadnezzar put up in Daniel 3. The critical point is that 'earth-dwellers' have this need to belong and to pay homage to 'a hero'. This image will do the trick, literally. However, after God's commandment in Exodus 20:3-5, you know this is going to bring judgment. In fact this is the 'abomination of desolation' Jesus referred to in Matthew 24:15-28.
Now those who refuse to participate in the image worship will be killed by this very image (next verse). Contrast this with Christ's purpose to come to this earth as He explains in John 3:16-21.
who had the WOUND of the SWORD and has COME to LIFE.
How this will happen is not known at this time. That technology is doing amazing things with genetics is brought to us on television and the Internet everyday. This will be very believable to the 'earth-dwellers'. Be aware that the beast has to remove any doubts of his coming to life from earth-dweller's minds or he won't convince any. However even among Jesus' followers, Thomas has to be shown the nail prints in Jesus' hands before he would believe (John 20:19-25).
A final thought -- the expression 'dwell on the earth' is used twice in this verse. This means it has emphasis. The image of the beast will be restricted to this earth. It will not go into heaven or any other part of the universe. Only the Creator controls all; the devil and his beasts are earthbound as the devil himself explains in Luke 4:1-13.