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factor of production

   Also found in: Wikipedia 0.01 sec.
factor of production
n
(Economics) a resource or input entering the production of wealth, such as land, labour, capital, etc. Also called agent of production


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Human capital: Pope John Paul II wrote in 1991: "Whereas at one time the decisive factor of production was the land, and later capital.
Since employment is one of the desirable outcomes of the industrial process, the analysis remained more or less confined to examining labor only as a factor of production and no effort has been made to highlight the human aspect of labor.
It is important to note that oil is an important factor of production required to power up machinery.
 
 
 
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