| 11. | A variable factor of production is one whose usage rate can be changed easily.
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| 12. | However, the main factors of production are capital and labor.
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| 13. | Later Entrepreneurship was added as the fourth factor of production.
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| 14. | Being a locational value associated with private appropriation of any natural factor of production.
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| 15. | Labor is not another " factor of production " on par with land and capital.
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| 16. | Modern economics theorises productivity in terms of the marginal product of the factors of production.
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| 17. | Land and, more importantly, good agricultural land-like any other factor of production-is subject to scarcity.
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| 18. | Thus, the factors of production were as sensitive to marginal utility as consumer goods themselves.
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| 19. | Hence the after-tax payments to each factor of production would be the same in both sectors.
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| 20. | These act as a cheaper factor of production than is available to factories in richer countries.
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