Factors of Production

In Economics, Factors of Production refer to the four resources required in the production of any product: Land, Labour, Capital and Enterprise.

In short, A Factor of Production (FoP) is anything that can be used to create wealth. Land any FoP which is provided by nature, Labour is a human effort which is used as a FoP, Capital is a FoP made by man and, finally, Enterprise is the organisation of other FoPs.


 * Note that FoP is not an official acronym. It may be accepted in any year in place of Factor of Product but it usually wont. Please think "Factor of Production" when reading FoP rather than "eff-oh-pee".