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factor of production

noun
1.
any instrument, agent, etc., employed in the production of goods and services.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for factor of production
  • Knowledge is becoming the one critical factor of production.
  • So knowledge is not only a factor of production, it's the factor of production.
  • What they ignore is that one factor of production has not been similarly liberated: labor.
  • Changes in output per hour, however, do not measure the specific contribution of labor or any other factor of production.
  • They do not measure the specific contributions of labor, capital, or any other factor of production.
  • Exogenously specified technical change coefficient on each factor of production for every production function and each vintage.
  • Unemployment occurs when labor, a factor of production, is not being fully utilized to due to the unavailability of suitable jobs.
  • They do not measure the specific contribution of labor, capital, or any other factor of production.
  • In addition, gasoline is a factor of production in the distribution of goods and services.
  • Now, the central factor of production has become knowledge.
British Dictionary definitions for factor of production

factor of production

noun
1.
a resource or input entering the production of wealth, such as land, labour, capital, etc Also called agent of production
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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