MEANING OF PRODUCTION
Production is the process of manufacturing goods and providing services. It also refers to all economic activities which result in the creation of goods and services.
Meaning of Factors of Production
Factors of production are those resources needed to achieve production. For goods and services to be created during the process of production, certain factors have to come together. These resources or factors that are combined for goods and services to be produced are known as factors of production.
The Factors of Production
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