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What is factors of production?The factors usually used in process of production. In economically it tends to land ,labour ,capital and organization etc. A firm is used Factors of production to produce a product. factors of production - videoFactors of production - what is it?*noun*; term coined by Adam Smith (1723-1790) to refer to things used to produce other things. Usually people refer to four factors of production: Different economic systems vary in their view of who should own the factors of production. In capitalism, this would be private individuals; in communism, it would be a collective. In the Marxist transition to communism, it would be the state. |
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