What are the 4 Factors of Production? Land, Labor, Capital, and Entrepreneurship
Peak Frameworks
JUNE 5, 2023
Traditionally, they comprise Land, Labor, Capital, and Entrepreneurship , each serving as a unique input used in the creation of goods or services aimed at generating profit. When they launch a new iPhone model, it's not just the engineers and assembly-line workers who contribute to the creation of the product.
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