factor of production (redirected fromFactors of production) Also found in:Acronyms,Encyclopedia,Wikipedia. n (Economics) a resource or input entering the production of wealth, such as land, labour, capital, etc. Also called:agent of production ...
The resources that companies use in the production of goods and services are described as the 'factors of production'. Dive into examples to learn the key terms and types of factors (land, labor & capital), and their importance in modern economics. ...
factor of production inEconomics topic From Longman Business Dictionaryˌfactor of proˈductionnoun(pluralfactors of production)[countable]something that is needed to produce a particularproduct. Themainfactorsofproductionareland,labour, andcapitalInner-urban areas provide ideal factors of production for...
Factors of Production Basically, there are four factors of production, on which the entire process depends. These Factors are: Land With respect to factors of production, the word ‘land’ has a different meaning in economics, as it covers all free gifts of nature such as natural resources, ...
0. Basic Principles of Economics Video LessonsWorksheet AI Tutor Topic summary Created using AI Factors of production include land, labor, physical capital,human capital, and entrepreneurship. Land encompasses all natural resources, while labor refers to the physical and mental contributions of indiv...
Economic efficiency is when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized. A system is considered economically efficient if thefactors of productionare used at a level at or near their capacity. ...
There are four factors of production. The four factors are inputs needed to produce a product or provide a service. These factors include natural...
Changes in the marginal productivity of labor, such as technological advances brought on by computers Changes in the prices of other factors of production, including shifts in the relative prices of labor and capital stock Changes in the price of an entity’s output, usually from an entity charg...
Gross national product (GNP) refers to the value of the final product produced by the total production factors of a country's people in a certain period of time 3 transfer payment (G) refers to the relief income allowance provided by the government to residents National income (NI) refers ...
Very short run极短期:a period of time where all factors of production are fixed. Short run短期:is where there is at least one fixed factor of production. Long run长期:is when all factors of production are variable. Very long run极长期:...