agents of production Definition | Business Dictionaries from AllBusiness.com

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Business Definition for: agents of production

agents of production

in classical economics, land, labor, capital, and entrepreneurship.

Example: Last year Farmer Brown's crop yielded $100 worth of produce. To generate that selling price, Brown incurred $25 to rent the land, $25 to pay for labor, and $25 for the use of equipment. The remaining $25 compensates him for his effort as an entrepreneur.

entrepreneurial profit
factors of production

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