• Factors of production is an economic term that describes the resources used in the production of goods or services for economic profit.

  • These include any resources needed to create a product or service.
  • Factors of production are land, labor, capital and entrepreneurship.
  • The state of technological progress can affect the totality of factors of production and take into account any efficiency not related to the four typical factors.
  • Land as a factor of production can mean agriculture and farming using natural resources.