Factors of production

resourcesfactor of productionresourceinputinputsunit 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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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.

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.

Capital (economics)

capitalcapital flowsinvestment capital
There are three basic resources or factors of production: land, labor, and capital.
Classical and neoclassical economics regard capital as one of the factors of production (alongside the other factors: land and labour).

Land (economics)

landland economicsland economy
There are three basic resources or factors of production: land, labor, and capital. Land or natural resource — naturally occurring goods like water, air, soil, minerals, flora, fauna and climate that are used in the creation of products. The payment given to a landowner is rent, loyalties, commission and goodwill.
In classical economics, land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor.

Returns (economics)

returnsreturneconomic returns
Labor — human effort used in production which also includes technical and marketing expertise. The payment for someone else's labor and all income received from one's own labor is wages. Labor can also be classified as the physical and mental contribution of an employee to the production of the good(s).
Returns, in economics and political economy, are the distributions or payments awarded to the various suppliers of the factors of production.

Labour economics

laborlabor marketlabour market
There are three basic resources or factors of production: land, labor, and capital. Labor — human effort used in production which also includes technical and marketing expertise. The payment for someone else's labor and all income received from one's own labor is wages. Labor can also be classified as the physical and mental contribution of an employee to the production of the good(s).
It is conventionally contrasted with such other factors of production as land and capital.

Human capital

human capital theoryhumancapital
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).

Production (economics)

productioncommodity productioneconomic production
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.
Factors of production

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.

Productive forces

forces of productionforcesproductive force
Marx considered the "elementary factors of the labor-process" or "productive forces" to be:
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
Further distinctions from classical and neoclassical microeconomics include the following:
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.

Schools of economic thought

school of economic thoughteconomic schools of thoughteconomic schools
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.

Means of labor

instruments of labor
The instruments of labor (or means 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").
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.

C. H. Douglas

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

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.

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. Land or natural resource — naturally occurring goods like water, air, soil, minerals, flora, fauna and climate that are used in the creation of products. The payment given to a landowner is rent, loyalties, commission and goodwill.

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

SmithAdam Smith’sNeo-Smithian
The classical economics of Adam Smith, David Ricardo, and their followers focus on physical resources in defining its factors of production and discuss the distribution of cost and value among these factors.

David Ricardo

RicardoRicardianDavid Ricardo,MP
The classical economics of Adam Smith, David Ricardo, and their followers focus on physical resources in defining its factors of production and discuss the distribution of cost and value among these factors.

Renting

rentrentedrental
Land or natural resource — naturally occurring goods like water, air, soil, minerals, flora, fauna and climate that are used in the creation of products. The payment given to a landowner is rent, loyalties, commission and goodwill.

Labour power

labor powerlabour-powerabstract labour
But unlike the classical school and many economists today, Marx made a clear distinction between labor actually done and an individual's "labor power" or ability to work.