factor of production

noun

any instrument, agent, etc., employed in the production of goods and services.

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

noun

a resource or input entering the production of wealth, such as land, labour, capital, etc Also called agent of production