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University Chadli Bendjedid TAREF Department Economy Level Second Year Instructor Messabhia Lecture Three FACTORS PRODUCTION What Are Factors Production Factors

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University Of Chadli Bendjedid EL TAREF Department Of Economy Level Second Year Instructor Ms Messabhia Lecture Three 1 FACTORS OF PRODUCTION What Are Factors Of Production Factors Of Production Is A Term Used To Categorize All Of The Resources And Contributions That Go Into Producing A Good Or Service It Also Used By Firms As Inputs For A Good Or Service To Be Produced Factors Of Production Are As Follows Capital Labour Land And Entrepreneurship Land Land As Ordinarily Understood Refers To Earths Surface However In Economics The Term Land Is Used In A Very Broad Sense Marshall Defined Land As The Materials And Forces Which Nature Gives Freely For Mans Aid In Land And Water In Air And Light And In Heat Land Refers To Those Natural Resources That Are Useful And Scarce In Other Words

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