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Land reform – Changing of laws, regulations, or customs regarding land ownership; Land value tax – Levy on the unimproved value of land; Means of production – Inputs used in the production of goods and services with economic value; Magic: The Gathering#Luck vs. skill – Collectible card game; Property rights (economics) – Economics concept
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
The inputs to the production function are commonly termed factors of production and may represent primary factors, which are stocks. Classically, the primary factors of production were land, labour and capital. Primary factors do not become part of the output product, nor are the primary factors, themselves, transformed in the production process.
The factors of production are often listed in economic writings derived from the classical school as "land, labour and capital". Marx sometimes used the term "productive forces" equivalently with "factors of production"; in Kapital, he uses "factors of production", in his famous Preface to his Critique of Political Economy: A Contribution to ...
The production functions listed below, and their properties are shown for the case of two factors of production, capital (K), and labor (L), mostly for heuristic purposes. These functions and their properties are easily generalizable to include additional factors of production (like land, natural resources, entrepreneurship, etc.)
Among each of these production systems, there may be a corresponding division of labour with different work groups specializing, or correspondingly different types of capital equipment and differentiated land uses. [118] An example that combines features above is a country that specialises in the production of high-tech knowledge products, as ...
The production process and output directly result from productively utilising the original inputs (or factors of production). [3] Known as primary producer goods or services, land, labour, and capital are deemed the three fundamental factors of production. These primary inputs are not significantly altered in the output process, nor do they ...
Factors of production is included in the JEL classification codes as JEL: D33 Wikimedia Commons has media related to Factors of production . The main article for this category is Factors of production .