Economics

M.J. Ulmer | Factor of Production | Marginal Physical Productivity | Meaning, Definition


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Factors of Production 

“The sources of services which enter into the process of production are called factors of production. The factors are broadly classified as land, labour, capital, organisation and enterprise.”

Marginal Physical Productivity 

“Marginal physical productivity may be defined as the addition to total production resulting from employment of one unit of a factor of production, all other things being constant.” 

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