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Meaning of factors of production

 

 

 

Factors of production

 

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Business glossary

 

Meaning of term factors of production :

 

The factors of production are the resources that are necessary for production. They are usually classified into 4 different groups: 1. Land - all natural resources (minerals and other raw materials) 2. Labour - all human resources 3. Capital - all man-made aids to production (machinery, equipment and so on) 4. Enterprise (or entrepreneurship) - the skill of managing resources and taking risks to produce goods and services.

 

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