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Definition of Factors of production

Babylon English

means used in the manufacturing of merchandise and the providing of services (land, labor, capital, management, etc.)
Factors of production Definition from Social Science Dictionaries & Glossaries
A Glossary of Political Economy Terms
The scarce resources that are useful not so much for direct and immediate satisfaction of human wants as for producing other goods or services. Economists often find it useful for purposes of theoretical simplification to group the millions of different sorts of factors of production into several very broad categories and then discuss them as though all the items within each category were perfectly substitutable for each other and therefore traded on a single market . The simplest such conventional categorization of the factors of production divides them into land , labor , capital , and sometimes also entrepreneurship and/or human capital .
[See also: derived demand ]
Factors of production Definition from Encyclopedia Dictionaries & Glossaries
English Wikipedia - The Free Encyclopedia
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. The amounts of the various inputs used determine the quantity of output according to a relationship called the production function. There are three basic resources or factors of production: land, labour, and capital. These factors are also frequently labeled "producer goods" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods." All three of these are required in combination at a time to produce a commodity.

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