Factors of production

factor of productionresourcesinputsresourceinputunit of productionfactorproduction factorsproduction factoreconomic resources
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services.wikipedia
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Schools of economic thought

school of economic thoughteconomic schoolseconomic schools of thought
The number and definition of factors vary, depending on theoretical purpose, empirical emphasis, or school of economics.
Scarcity means that available resources are insufficient to satisfy all wants and needs.

Production function

aggregate production functiontechnologyProduction
The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.
The inputs to the production function are commonly termed factors of production and may represent primary factors, which are stocks.

Returns (economics)

returnsreturneconomic returns
See also returns.
Returns, in economics and political economy, are the distributions or payments awarded to the various suppliers of the factors of production.

Economics

economiceconomisteconomic theory
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services.
In microeconomics, production is the conversion of inputs into outputs.

Labour economics

laborlabor economicslabor market
It is conventionally contrasted with such other factors of production as land and capital.

Output (economics)

outputeconomic outputoutputs
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services.
Output is the result of an economic process that has used inputs to produce a product or service that is available for sale or use somewhere else.

Human capital

human capital theorycapitalhuman
Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labor.
It was assumed in early economic theories, reflecting the context – i.e., the secondary sector of the economy was producing much more than the tertiary sector was able to produce at the time in most countries – to be a fungible resource, homogeneous, and easily interchangeable, and it was referred to simply as workforce or labor, one of three factors of production (the others being land, and assumed-interchangeable assets of money and physical equipment).

Resource

resourceslimited resourceassets
Classical economics recognizes three categories of resources, also referred to as factors of production: land, labour, and capital.

Land (economics)

landland economicsland economy
Land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor.

Neoclassical economics

neoclassicalneoclassical economistsneo-classical economics
Neoclassical economics, one of the branches of mainstream economics, started with the classical factors of production of land, labor, and capital.
This determination is often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production, in accordance with rational choice theory, a theory that has come under considerable question in recent years.

Capital (economics)

capitalcapital flowsinvestment capital
Classical and neoclassical economics regard capital as one of the factors of production (alongside the other factors: land and labour).

Productive forces

forces of productionforcesproductive force
Capital itself, being one of the factors of production, comes to be viewed in capitalist society as a productive force in its own right, independent from labour, a subject with "a life of its own".

Microeconomics

microeconomicmicroeconomic theoryprice theory
Frequently used elasticities include price elasticity of demand, price elasticity of supply, income elasticity of demand, elasticity of substitution or constant elasticity of substitution between factors of production and elasticity of intertemporal substitution.

Means of labor

instruments of labor
The means of labor are one of three basic factors of the production process (Marx, 1967, p 174), along with human labor, and the subject of labor (the material worked on).

Use value

use-valueuse-valuesuse
The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management"). "We are merely the administrators of that cultural inheritance, and to that extent, the cultural inheritance is the property of all of us, without exception. Adam Smith, David Ricardo, and Karl Marx claimed that labor creates all value. While Douglas did not deny that all costs ultimately relate to labour charges of some sort (past or present), he denied that the present labour of the world creates all wealth. Douglas carefully distinguished between value, costs and prices. He claimed that one of the factors resulting in a misdirection of thought in terms of the nature and function of money was economists' near-obsession about values and their relation to prices and incomes. While Douglas recognized "value in use" as a legitimate theory of values, he also considered values as subjective and not capable of being measured in an objective manner.
For this purpose, the inputs in production must moreover be used in an economical way, and care must be taken not to waste resources to the extent that this would mean additional costs for an enterprise, or reduce productivity.

Price

market pricepricesretail price
"We are merely the administrators of that cultural inheritance, and to that extent, the cultural inheritance is the property of all of us, without exception. Adam Smith, David Ricardo, and Karl Marx claimed that labor creates all value. While Douglas did not deny that all costs ultimately relate to labour charges of some sort (past or present), he denied that the present labour of the world creates all wealth. Douglas carefully distinguished between value, costs and prices. He claimed that one of the factors resulting in a misdirection of thought in terms of the nature and function of money was economists' near-obsession about values and their relation to prices and incomes. While Douglas recognized "value in use" as a legitimate theory of values, he also considered values as subjective and not capable of being measured in an objective manner.

C. H. Douglas

C.H. DouglasMajor DouglasClifford Douglas
C. H. Douglas disagreed with classical economists who recognized only three factors of production.

Raw material

raw materialsfeedstockmaterial
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).

Natural resource

natural resourcesresourcesmineral resources
Land includes not only the site of production but also natural resources above or below the soil.

Workforce

labor forceworkerworkers
Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labor.

Technology

technologiestechnologicaltechnical
Sometimes the overall state of technology is described as a factor of production.

Physiocracy

Physiocratsphysiocratphysiocratic
Physiocracy (from the Greek for "government of nature") is an economic theory developed by a group of 18th century Enlightenment French economists who believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced

Adam Smith

SmithA SmithAdam Smith’s
"We are merely the administrators of that cultural inheritance, and to that extent, the cultural inheritance is the property of all of us, without exception. Adam Smith, David Ricardo, and Karl Marx claimed that labor creates all value. While Douglas did not deny that all costs ultimately relate to labour charges of some sort (past or present), he denied that the present labour of the world creates all wealth. Douglas carefully distinguished between value, costs and prices. He claimed that one of the factors resulting in a misdirection of thought in terms of the nature and function of money was economists' near-obsession about values and their relation to prices and incomes. While Douglas recognized "value in use" as a legitimate theory of values, he also considered values as subjective and not capable of being measured in an objective manner.

David Ricardo

RicardoRicardianDavid Ricardo,MP
"We are merely the administrators of that cultural inheritance, and to that extent, the cultural inheritance is the property of all of us, without exception. Adam Smith, David Ricardo, and Karl Marx claimed that labor creates all value. While Douglas did not deny that all costs ultimately relate to labour charges of some sort (past or present), he denied that the present labour of the world creates all wealth. Douglas carefully distinguished between value, costs and prices. He claimed that one of the factors resulting in a misdirection of thought in terms of the nature and function of money was economists' near-obsession about values and their relation to prices and incomes. While Douglas recognized "value in use" as a legitimate theory of values, he also considered values as subjective and not capable of being measured in an objective manner.