Nonspecific factor of production
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Nonspecific factor of production is a factor of production which has equal values in the production processes of more than one particular type of economic good or service and is thus capable of alternate uses, as opposed to specific factors of production. Examples of nonspecific factors of production are unskilled labor and such raw materials as iron ore and raw cotton.[1]
References
- ↑ Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-08-17.
