discussion of factors of production
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The factors of production include land, labor, capital, and entrepreneurship. These production factors are also construed by organizations as management, machines, materials and labor, technology, and knowledge. Each of these has recently been contemplated by scholars as being potential new factors of production.
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Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital, and entrepreneurship.
These production factors are also construed by organizations as management, machines, materials and labor, technology, and knowledge. Each of these has recently been contemplated by scholars as being potential new factors of production.
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