factor of production


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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
References in periodicals archive ?
(2) In this sense, the entrepreneur should be seen as a factor of production separate from land, labor, capital, and management.
"Data is the new factor of production, and intelligence the new productivity.
According to the vice chancellor, human capital is the most significant factor of production because they are the ones to convert other resources from primary to finished stage of the production processes in form of products to improve human lives.
The business community will thrive from having cheaper access to credit and we shall witness the rise of capital formation, the second factor of production. The butcher will buy more freezers and the baker will afford more ovens and the overall economy will produce more.
Mises insisted that in making economizing decisions about the use of resources in an extended division of labor, it is necessary to disentangle the contribution of each complementary factor of production used in producing each good The necessity arises because factors of production are neither perfectly specific to each good nor perfectly non-specific among all goods.
'Land is a factor of production. It has been difficult for residents to develop when they are landless,' Odhiambo said.
More detailed themes are transnational labor law's methods; challenging austerity and facing development: the North-South challenge to transnational labor law; freedom of association in the specificity of labor law; on human rights and equality: whether transnational labor law provides spaces and vehicles to challenge domestic labor law's exclusions; emerging roles for the International Labor Organization as a actor in transnational labor law; thickening soft law: "privatizing" or infusing transnational labor law with public international law norms; beyond World Trade Organization linkage: emerging directions and social regionalism; and the transnational challenge to the regulation of labor as a factor of production: on commodification.
It is the main cause of inflation in Tunisia, a vicious cycle that could be broken only in relation to the improvement of the situation of citizens' purchasing power, creating a dynamics of consumption and adequate demand and creating wealth relatively proportional to the mass or the factor of production costs including the country's payroll in general.
The first factor of production is land, including any natural resource used to produce goods and services.
The fifth and final factor of production is finance, the supply of investment funds drawn from savings.
Expenditure by these companies is grouped into the four main factors of production: land, labour, capital and finance ('money') according to how their description best aligns to the factor of production. Because ERA's only uranium mine is Ranger, its accounts are specific to that mine and nearby operations in Darwin.