FACTORS OF PRODUCTION are the different elements used in the production of goods and services. There are four types of factors: LAND, LABOR, CAPITAL and ENTREPRENEURIAL INITIATIVE.
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Index
00:00 What are factors of production?
00:31 Land as a factor
01:59 Labor as a factor
03:22 Capital as a factor
04:40 Entrepreneurship as a factor
05:35 Ownership of factors of production
07:09 Are all factors of production equally important?
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