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  • Factors of Production

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    Coman Andreia
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    The document defines factors of production as the inputs used to produce goods and services for economic profit, including land, labor, capital, and entrepreneurship. It also discusses the organization of public services and the economic definition of production as creating output with value through efforts and inputs. Production is distinguished as having three stages: primary producers extract resources, secondary producers process resources, and tertiary producers provide final goods and services to consumers.

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    -international relationships and marketing resumè

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    Production

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    The document defines factors of production as the inputs used to produce goods and services for economic profit, including land, labor, capital, and entrepreneurship. It also discusses the organization of public services and the economic definition of production as creating output with value through efforts and inputs. Production is distinguished as having three stages: primary producers extract resources, secondary producers process resources, and tertiary producers provide final goods and services to consumers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    5 views4 pages

    Factors of Production

    Uploaded by

    Coman Andreia
    The document defines factors of production as the inputs used to produce goods and services for economic profit, including land, labor, capital, and entrepreneurship. It also discusses the organization of public services and the economic definition of production as creating output with value through efforts and inputs. Production is distinguished as having three stages: primary producers extract resources, secondary producers process resources, and tertiary producers provide final goods and services to consumers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Factors of production

    An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.

    Factors of production
    O Land
    O Labour O Capital O Entrepreuners intellectual labour

    (ORGANIZATION) O Public Services

    <Economic> production
    In economics, production is the act of creating output, a goods or service which has value and contributes to the utility of individuals. The act may or may not include factors of production other than labor. Any effort directed toward the realization of a desired product or service is a "productive" effort and the performance of such act is production. The relation between the amount of inputs used in production and the resulting amount of output is called the production function.

    Stages of Production
    Production can be distinguished into three stages: 1. Primary producers directly extract natural resources. 2. Secondary producers process resources to turn them into intermediate goods. 3. Tertiary producers provide final goods or services to the consumer.

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