Factors of production - Wikipedia, the free encyclopedia
"Factors of production are resources used in the production of goods and services in economics. Classical economics distinguishes between three factors: Land or natural resources - naturally-occurring goods such as soil and minerals that are used in the creation of products. The payment for land is rent. Labor - human effort used in production which also includes technical and marketing expertise. The payment for labor is a wage. Capital goods - human-made goods (or means of production) which are used in the production of other goods. These include machinery, tools and buildings. In a general sense, the payment for capital is called interest. ..."
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