factor of production

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Any resource used in the production of goods or services. Factors of production can be broadly classified into three main groups: labour, or human services; capital, or man-made means of production; and land, or natural resources. Each of these broad groups of factors of production can be subdivided in various ways, for example labour with various amounts of human capital, or land with various mineral contents. See also fixed factors; immobile factors.

Subjects: Economics.

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