Routledge Dictionary of Economics, Second Edition
factor of production (D0)
An input to a productive process producing a good or service. Before the eighteenth century it was common to classify all factors as either land or labour; later, CAPITAL and the ENTREPRENEUR were considered as separate factors of production. In many modern economics models, only labour and capital are included as factors of production.
This is the complete article, containing 57 words
(approx. 1 page at 300 words per page).
View More Summaries on Factors of production
