The factors of production in an economy are its labor, capital, and natural resources.
Production is the process of combining different material and immaterial inputs to create something for consumption. It is the act of producing an output, such as a good or service, that has value and contributes to people's utility.
Land, labor, capital, and entrepreneurship are the four production factors.
Production has six facets, according to Peterson and Anand (2004): technology, law and regulation, industry structure, organizational structure, occupational careers, and market.
The four factors of production are inputs used in various combinations to produce goods and services for a profit. Land, labor, capital, and entrepreneurship are the production factors. They are the supply inputs required.
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