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Factors of production

In the production process, a commodity has to pass through many stages before it ultimately reaches the consumer. There are mainly four factors which help in the production process. They are:
  • Land
  • ƒLabour
  • ƒCapital
  • ƒEntrepreneur or enterprise or organization
All the above factors have to be used jointly to produce the goods and services. These factors are collectively known as the factors of production. Now, let us discuss each of these factors in detail.

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