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Which of the following is not a factor of production?
Royalty Agreements
Contracts specifying the terms under which royalties will be paid by one party to another, usually for the use of intellectual property, natural resources, or products.
Customer Base
The group of customers who repeatedly purchase the products or services of a business, forming the core of the company's sales revenue.
Goodwill
An intangible asset that represents the excess value of a company over its net asset value, often arising from factors such as reputation, brand, or customer loyalty.
Intangible Assets
Assets that do not have physical substance but are identifiable non-monetary assets without physical substance, used in the production or supply of goods or services, for rental to others, or for administrative purposes.
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