factors of production

Definition

Various resources, taken as a collective group, which contribute to the production of a product or service.

“ There were a lot of factors of production that we needed to watch out for when we were doing business. ”

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“ You need to figure out all of the different factors of production and do your best to maximize each of them. ”

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“ You need to know what all of the factors of production are and make sure that they can all be achieved easily. ”

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