factor of production

factor of production
A resource employed to produce goods and services, such as labor, land, and capital.

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  • factor of production — ˌfactor of proˈduction noun factors of production PLURALFORM [countable] ECONOMICS something that is needed to produce a particular product. The main factors of production are land, labour, and capital: • Inner urban areas provide ideal factors… …   Financial and business terms

  • factor of production — factor 3b * * * any instrument, agent, etc., employed in the production of goods and services. * * * factor of production noun (economics) One of the elements which may contribute to the production of goods, thought of generally as land, capital… …   Useful english dictionary

  • factor of production — any instrument, agent, etc., employed in the production of goods and services. * * * …   Universalium

  • factor of production —   capital, labour, land. Combine with entrepreneurship in the attempt to make profit …   Geography glossary

  • Factor price equalization — is an economic theory, which states that the relative prices for two identical factors of production in the same market will eventually equal each other because of competition. The price for each single factor need not become equal, but relative… …   Wikipedia

  • Production function — Graph of Total, Average, and Marginal Product In microeconomics and macroeconomics, a production function is a function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. This function is an… …   Wikipedia

  • Production–possibility frontier — In economics, a production–possibility frontier (PPF), sometimes called a production–possibility curve or product transformation curve, is a graph that compares the production rates of two commodities that use the same fixed total of the factors… …   Wikipedia

  • Production theory basics — In microeconomics, Production is simply the conversion of inputs into outputs. It is an economic process that uses resources to create a commodity that is suitable for exchange. This can include manufacturing, storing, shipping, and packaging.… …   Wikipedia

  • production — In the context of project financing, a defined portion of the proceeds of production up to a dollar amount. Bloomberg Financial Dictionary * * * production pro‧duc‧tion [prəˈdʌkʆn] noun 1. [uncountable] MANUFACTURING the process of making or… …   Financial and business terms

  • production function — Equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained. It states the amount of product that can be obtained from every combination of factors,… …   Universalium

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