factors of production Definition| Urban Word Dictionary

factors of production

*noun*; term coined by Adam Smith (1723-1790) to refer to things used to produce other things. Usually people refer to four factors of production:1.labor (not the same thing as workers); a worker can work more or less hours per week, and can exchange her labor for payment2. capital; includes tools, machinery, plants and fixtures, seed corn, etc. Adam Smith distinguished between inventories, which he called circulating capital, and tools, which he called fixed capital;3. land; understood as a specific area on the earth's surface, but sometimes incorporates the natural productivity or mineral resources as well;4. entrepreneurship; sometimes lumped with capital. Includes the combination of skills required to start a business.

Factors of Production

by Man² on Aug 01, 2018 21:23:59

The factors usually used in process of production. In economically it tends to land ,labour ,capital and organization etc.

Example:
A firm is used Factors of production to produce a product.

Elsewhere

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