- factors of production
- The resources and inputs required for the *production of goods of economic *value. Famously defined by the economist Alfred Marshall (1842-1924) as the "things necessary for making a commodity," the factors of production have traditionally been grouped into three categories: (i) land (including *raw materials), (ii) *labor, and (iii) *capital (definition 4). Some economists add *entrepreneurship as a fourth factor of production.
Auditor's dictionary. 2014.
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