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Which of the factors of production is the most important?
The factors of production are inputs that companies need to develop goods and services. This enables them to earn profits. The concept of these factors dates back to neoclassical economics, combining historic economic theories with other ideas, such as the idea of labor. As noted above, the four factors of production are land, labor, capital, and entrepreneurship. The Federal Reserve Bank of St. Louis defines the factors of production as:
Land Labor Capital Entrepreneurship
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