Definitions for factors of production
fac·tors of pro·duc·tion

WiktionaryRate this definition:1.0 / 1 vote

1. factors of productionnoun

   Plural form of factor of production.

WikipediaRate this definition:0.0 / 0 votes

1. Factors of production

   In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".There are two types of factors: primary and secondary. The previously mentioned primary factors are land, labour and capital. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labour, and capital. The primary factors facilitate production but neither becomes part of the product (as with raw materials) nor becomes significantly transformed by the production process (as with fuel used to power machinery). Land includes not only the site of production but also natural resources above or below the soil. Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labor. Entrepreneurship is also sometimes considered a factor of production. Sometimes the overall state of technology is described as a factor of production. The number and definition of factors vary, depending on theoretical purpose, empirical emphasis, or school of economics.

WikidataRate this definition:5.0 / 1 vote

1. Factors of production

   In economics, factors of production are the inputs to the production process. Finished goods are the output. Input determines the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called a production function. There are three basic factors of production: Land, Labor, Capital. All three of these are required in combination at a time to produce a commodity. In economics, production means creation or an addition of utility. Factors of production are any commodities or services used to produce goods or services 'Factors of production' may also refer specifically to the 'primary factors', which are stocks including land, labor, and capital goods applied to production. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labor and capital. The primary factors facilitate production but neither become part of the product nor become significantly transformed by the production process. 'Land' includes not only the site of production but natural resources above or below the soil. The factor land may, however, for simplification purposes be merged with capital in some cases. Recent usage has distinguished human capital from labor. Entrepreneurship is also sometimes considered a factor of production. Sometimes the overall state of technology is described as a factor of production. The number and definition of factors varies, depending on theoretical purpose, empirical emphasis, or school of economics.

How to pronounce factors of production?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say factors of production in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of factors of production in Chaldean Numerology is: 9

2. Pythagorean Numerology

   The numerical value of factors of production in Pythagorean Numerology is: 4

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Factors_of_Production
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Factors_of_Production
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=factors of production