Difference between revisions of "Factors of production"
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| − | Factors of production are resources used to produce goods. They first became essential during the [[industrial revolution]], when goods were manufactured in large quantities for the first time. | + | Factors of production are resources used to produce [[goods]]. They first became essential during the [[industrial revolution]], when goods were manufactured in large quantities for the first time. |
These factors include resources that are both human (e.g., workers or labor and entrepreneurship) and nonhuman (e.g., land and [[capital]]). | These factors include resources that are both human (e.g., workers or labor and entrepreneurship) and nonhuman (e.g., land and [[capital]]). | ||
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| + | [[Category:Economics]] | ||
Revision as of 12:39, March 11, 2007
Factors of production are resources used to produce goods. They first became essential during the industrial revolution, when goods were manufactured in large quantities for the first time.
These factors include resources that are both human (e.g., workers or labor and entrepreneurship) and nonhuman (e.g., land and capital).
