what are the factors of production explain
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The factors of production are the names for the inputs needed to produce a good or service. There are four factors of production: land, labour, capital and entrepreneurship (also known as human enterprise or innovation).
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Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labour, capital and entrepreneurship. [These production factors are also known as management, machines, materials and labour, and knowledge.]
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