Factors of production

In economics, factors of production (or productive inputs or resources) are any commodities or services used to produce goods and services. 'Factors of production' may also refer specifically to the primary factors, which are stocks including land, labor (the ability to work), and capital goods applied to production. The primary factors facilitate production but neither become part of the product (as with raw materials) nor become significantly transformed by the production process (as with fuel used to power machinery). 'Land' includes not only the site of production but natural resources above or below the soil. Recent usage has distinguished human capital (the stock of knowledge in the labor force from formal education and job training as part of labor.[1] and sometimes entrepreneurship.[2] Sometimes the overall state of technology is described as a factor of production.[3] The number and definition of factors varies, depending on theoretical purpose, empirical emphasis, or school of economics.[4] The primary factors facilitate production but neither become part of the product (as with raw materials) nor become significantly transformed by the production process (as with fuel used to power machinery).

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