[This is part of the series: The Complete Guide To Economics 101.]
What are factors of production in economics?
Factors Of Production are simply inputs that are used in a production process.
Any factors of production usually fall under the categories of land, labor, and capital.
For instance, the production process of making food at a restaurant might include the cook’s hours worked and raw material purchased.
While the production process of turning raw cotton into cotton lint, might include a gin plant, and the hours worked of gin employees.