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Economics Definition: Factors of Production

Today, we have another economics term, brought to us by our friends at Dictionary.com:

Factors of Prodcution: noun
A collection of various resources which contribute to the production of goods or services.

In economics, there are three factors of production: land, labor, and capital.

  • Land - encompasses land and all resources derived from land (water, minerals, crops, etc)
  • Labor - effort expended by people to create goods or services
  • Capital - human-made resources that are used to produce other goods and services (tools, buildings, etc). There are two kinds of capital: Physical captial and human capital
    • Physical capital - human-made objects used to create other goods or services (conveyor belts, tractors, presses, etc).
    • Human capital - investments made in people including education and expereince that help to produce more or better goods or services
Our various economic systems are built around the ownership of the various factors of production. When slavery is used, the laborers have no factors of production. In communism, the factors of production are considered to be own collectively, but are rather owned by totalitarian government. In capitalism, the factors of production can be owned by anyone.

The goods and services produced can be business-to-consumer (B2C) or business-to-business (B2B). Many of our goods and services are B2B, as goodes and services are need at many levels to provide for the needs of business that produce goods and services for consumers (B2C).

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