Definition
The following section will include several definitions that are to be identified in a chronological order. This is needed so as to be able to understand the relationship between factors of production (FP), economic growth (EG), economic development (ED), and sustainable development (SD).
Factors of Production (FP) are all the inputs or resources that are used by individuals for production purposes (goods and services) including land, labor, and capital (Case et al. 2009) and entrepreneurship, which is considered as the fourth factor of production (Schiller 2009).
Land incorporates any type of natural resource that is used for producing goods and services. Moreover, it comprises anything that the land contains, such as water and forests (renewable resources) or oil, gas, metals, and coal (non-renewable resources). The return from land is usually rent (Schiller 2000).
Labordoes not refer only to manpower count but to the work that individuals carry on to produce goods and...
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Doughan, Y.A.R. (2020). Factors of Production, Economic Growth, and Sustainable Development. In: Leal Filho, W., Azul, A., Brandli, L., Lange Salvia, A., Wall, T. (eds) Decent Work and Economic Growth. Encyclopedia of the UN Sustainable Development Goals. Springer, Cham. https://doi.org/10.1007/978-3-319-71058-7_121-1
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