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factor of production
(redirected from Factors of production)

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factor of production

In economics, resource people use to produce goods and services. These include land, labour, and capital. Enterprise is also included by some academics. The factors of productions are combined in the production process to produce goods and services in an economy.
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Galvin's suggestion that the WTO URAA green box category restrictions against relating farm income to type, volume of production, prices and factors of production is based on a very narrow interpretation of the language.
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This is because according to the structure of the classical production function, changes in the factors of production being used have feedback effect on each other.
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The economists' argument in favour of trade relies on the idea that the factors of production should be freely reallocated to their most efficient uses.
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