what is meant by the term factors of production
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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, labor, capital and entrepreneurship.
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Production is a process of creating goods and services for satisfying their wants..Factors of production like land,labour,capital and entrepreneurship are their rewards in the lower classes..
Production is a process of creating goods and services for satisfying their wants..Factors of production like land,labour,capital and entrepreneurship are their rewards in the lower classes..
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