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.

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