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Economics

5M’s of production factors

Updated on December 25, 2019 · By Ahmad Nasrudin Tag: Factors of Production

5Ms of production factors
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5M’s of production factors is a term that refers to the main production factors needed by an organization to operate optimally.

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The 5M model component consists of:

  1. Man refers to humans as labor.
  2. Machines refer to facilities or tools used by companies, both for operational and non-operational activities.
  3. Money refers to money as capital to finance all company activities.
  4. Method refers to the method or procedure as a guide for implementing company activities.
  5. Materials refer to inputs that are processed into final products for sale to consumers.

Tag: Factors of Production

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