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- Means of production and factors of production are related concepts in economics. Here are the key points:
- Means of production refer to the physical resources and tools used in production, such as machinery, land, and raw materials.
- Factors of production encompass all inputs needed for creating goods or services, including labor, entrepreneurship, and capital. Factors of production include both the means of production and labor1.
- Productive forces are the combination of human labor and the means of labor, while means of production are the combination of the subject of labor and the means of labor2.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Means vs. Factors of Production: Examples Factors of production are the inputs needed for the creation of a good or service, including labor, entrepreneurship, and capital. In essence, factors of production are equivalent to the means of production with the inclusion of labor. Thus, all factors of production have an element of means.www.simplypsychology.org/means-of-production-i…Productive forces are the union of human labor and the means of labor; means of production are the union of the subject of labor and the means of labor.en.wikipedia.org/wiki/Productive_forces - People also ask
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