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factor of production |
Also found in: Wikipedia, Hutchinson | 0.01 sec. |
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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 How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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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