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Plato, 428/7-348/7 BC (B3)
Ancient Greek philosopher who was one of the first to discuss fundamental economic concepts, particularly in his Republic and Laws (Book V). He advocated a DfVISION OF LABOUR based on different natural abilities, discussed the role of money and advocated EXCHANGE CONTROLS and common property amongst the guardians of his ideal republic.
See also: Ancient Greeks; Aristotle
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factor of production (DO)
An input to a productive process producing a good or service. Before the eighteenth century it was common to classify all factors as either land or labour; later, CAPITAL and the ENTREPRENEUR were considered as separate factors of production. In many modern economics models, only labour and capital are included as factors of production.
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