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Classify the factors of production?

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Classify the factors of production?

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  1. Land: In Economics, land means all gifts of Nature owned and controlled by human beings which yield an income.
  2. Labour: Labour means manual labour or unskilled work.
  3. Capital: “Capital consists of all kinds of wealth other than free gifts of nature, which yield income”. Bohm – Bawerk defines it as ‘a produced means of production’.
  4. Organisation: The man behind organizing the business is called as ‘Organizer’ or ‘Entrepreneur’.
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