What is Factors Of Production?
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*noun*; term coined by Adam Smith (1723-1790) to refer to things used to produce other things. Usually people refer to four factors of production:
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Different economic systems vary in their view of who should own the factors of production. In capitalism, this would be private individuals; in communism, it would be a collective. In the Marxist transition to communism, it would be the state.
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