Factors of Production
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High Quality Content by WIKIPEDIA articles! In economics, factors of production (or productive inputs) are the resources employed to produce goods and services. They facilitate production but do not become part of the product (as with raw materials) or are significantly transformed by the production process (as with fuel used to power machinery). To 19th century economists, the factors of production were land (natural resources, gifts from nature), labor (the ability to work), and capital goods (human-made tools and equipment). Recent textbooks have added entrepreneurship and "human capital" (...
High Quality Content by WIKIPEDIA articles! In economics, factors of production (or productive inputs) are the resources employed to produce goods and services. They facilitate production but do not become part of the product (as with raw materials) or are significantly transformed by the production process (as with fuel used to power machinery). To 19th century economists, the factors of production were land (natural resources, gifts from nature), labor (the ability to work), and capital goods (human-made tools and equipment). Recent textbooks have added entrepreneurship and "human capital" (labor's education and skills). "Land" can include ecosystems while sometimes the overall state of technology is seen as a factor of production.In any event, it is the scarcity of the factors of production which poses humanity's economic problem, often forcing us to choose between competing goals. The number and definition of factors varies, depending on theoretical purpose, empirical emphasis, or school of economics.
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