Definitions for "factors of production"
The resources used in producing the goods and services created in an economy....
The factors of production are the resources that are necessary for production. They are usually classified into 4 different groups: Land - all natural resources (minerals and other raw materials) Labour - all human resources Capital - all man-made aids to production (machinery, equipment and so on) Enterprise - entrepreneurial ability The rate of economic growth that an economy can manage will be affected by the quantity and the quality of the factors of production they have.
for a non-market economy, normal value = hours required to produce the merchandise + quantities of raw materials employed + the amounts of energy and other utilities consumed + representative capital costs, including depreciation.