What is Factors of production?
{{nosources|date=June 2019}} '''Factors of production''' are means necessary for the [[production]] of [[Good (economics)|goods]] and [[service]]s in [[economics]]. [[Classical economics]] has three factors: * [[land (economics)|Land]] or [[natural resources]] – goods that exist in [[nature]] before any such as [[soil]] and [[mineral]]s and that are used in the creation of [[Product (consumer goods)|products]]. The payment for land is [[renting|rent]]. * [[labour (economics)|Labor]] – human effort used in production. That means technical expertise and marketing expertise, too. The payment for labor is a [[wage]]. * [[Capital (economics)|Capital goods]] – human-made goods (or [[means of production]]) which are used in the production of other goods. These include [[machine]]ry, [[tool]]s and [[building]]s. In a general sense, the payment for capital is called [[interest]] or [[profit]]. == Other page == *[[Means of production]] {{stub}} [[Category:Factors of production| ]]