factors of production definition

factors of production

Resources required for generation of goods or services, generally classified into four major groups: (1) Land (including all natural resources), (2) Labor (including all human resources), (3) Capital (including all man-made resources), and (4) Enterprise (which brings all the previous resources together for production). These factors are classified also as management, machines, materials, and money, or other such nomenclature. More recently, knowledge (know how) has come to be recognized as distinct from labor, and as a factor of production in its own right.

factors of production is in the Economics, Politics, & Society subject.

factors of production appears in the definitions of the following terms: business resources, factor cost, wages, economic integration, allocation of resources, income distribution, knowledge capital, factor income, theory of the firm, law of proportions and

factors of production appears in the other term: variable factors of production

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