Factors of Production refer to various social resources required for social production and operation activities. They are the basic factors that must be present to maintain the operation of the national economy and the production and operation process of market entities. Factors of production are a basic category in economics. Modern Western economics believes that the four factors of production include labor, land, capital, and entrepreneurial talent. With the development of science and technology and the establishment of the intellectual property system, technology and information are also put into production as relatively independent factors. These production factors are exchanged in the market, forming various production factor prices and their systems. Factors of production refer to all factors necessary for material production and their environmental conditions. In Western economics, production factors are generally divided into four types: labor, land, capital and entrepreneurial talent. Labor refers to the sum of human physical strength and intelligence in the production process. Land not only refers to land in the general sense, but also includes all natural resources above and below ground, such as rivers, lakes, forests, oceans, mineral deposits, etc. Capital can be expressed in physical form and monetary form. The physical form is also called investment goods or capital goods, such as factories, machines, power fuel, raw materials, etc.; the monetary form of capital is usually called monetary capital. Entrepreneurial talent usually refers to the ability of entrepreneurs to establish, operate and manage enterprises. Means of production, also known as means of production, is one of the three elements of productivity identified by Marxist theorists and is defined as: the resources or tools that workers need to use when producing. Generally, it can include land, factories, machinery and equipment, tools, raw materials, etc. The means of production is the sum of the means of labor and the objects of labor in the production process. It is the necessary material condition for material production in any society. Most of the means of production belong to the factors of production.

Capital, land, labor force, machinery and equipment: factors of production Land, factory buildings, machinery and equipment: means of production