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Economics 101: Factors of Production | SterlingTerrell.net

Economics 101: Factors of Production


What are factors of production in economics?

Factors Of Production are simply inputs that are used in a production process.

Any factors of production usually fall under the categories of land, labor, and capital.

For instance, the production process of making food at a restaurant might include the cook's hours worked and raw material purchased.

While the production process of turning raw cotton into cotton lint, might include a gin plant, and the hours worked of gin employees.