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factor 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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Second, the return on any factor of production is its marginal product, or the increment to output from an extra unit of that factor being added, holding the amount of all other production factors constant.
Real estate has dual roles: as a factor of production, its first priority is to provide housing for operations and access to markets, suppliers, and labor.
The rage to accumulate has raised a range of evils to a new level of visibility: imperial ambition; our tawdry deference to money; the inclination to think of the human person as a factor of production or as an object of biotechnical investment; a regime of work in factories, offices, and sweatshops that undermines the moral and spiritual integrity of individuals, families, neighborhoods, political and religious institutions.
 
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