4 Factors of Production, Land, Labor, Capital & Entrepreneur

Wed, 07/27/2011 - 11:48 -- Umar Farooq

The ultimate aim of all factors of production is consumption. In a simple economy the producer consumes his own product (a hunter catching a fish). In advanced communities most products are produced for exchange of other products through money.

Direct Production

The creation of utilities for immediate final consumption.

Indirect Production

The creation of wealth for use in further production as manufac­ture of steel for making machine tools, and machinery to make cloths.

Four Factors of Production

There are four factors of production.

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