Factors of production is an economic term to describe the inputs that are used in the production of goods or services in the attempt to make a profit.
 | | Factors Of Production | | Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital. | | Read More » | | Related to "Factors Of Production" | | | | Economic Profit (or Loss) | | Economic profit (or loss) is the difference between the revenue received from the sale of an output and the costs of the inputs used, including opportunity costs. | | Read More » | | | Productivity | | Productivity measures the efficiency of production in macroeconomics, and is typically expressed as a ratio of GDP to hours worked. | | Read More » | | | Market Economy | | A market economy is a system in which economic decisions and pricing are guided by the interactions of citizens and businesses. | | Read More » | | | Capitalism | | Capitalism is an economic system whereby monetary goods are owned by individuals or companies. The purest form of capitalism is free market or laissez-faire capitalism. Here, private individuals are unrestrained in determining where to invest, what to produce, and at which prices to exchange goods and services. | | Read More » | | | | | | CONNECT WITH INVESTOPEDIA | | | | | | | |
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