*noun*; term coined by Adam Smith (1723-1790) to refer to things used to produce other things. Usually people refer to four factors of production:
1.labor (not the same thing as workers); a worker can work more or less hours per week, and can exchange her labor for payment
2. capital; includes tools, machinery, plants and fixtures, seed corn, etc. Adam Smith distinguished between inventories, which he called circulating capital, and tools, which he called fixed capital;
3. land; understood as a specific area on the earth's surface, but sometimes incorporates the natural productivity or mineral resources as well;
4. entrepreneurship; sometimes lumped with capital. Includes the combination of skills required to start a business.
1.labor (not the same thing as workers); a worker can work more or less hours per week, and can exchange her labor for payment
2. capital; includes tools, machinery, plants and fixtures, seed corn, etc. Adam Smith distinguished between inventories, which he called circulating capital, and tools, which he called fixed capital;
3. land; understood as a specific area on the earth's surface, but sometimes incorporates the natural productivity or mineral resources as well;
4. entrepreneurship; sometimes lumped with capital. Includes the combination of skills required to start a business.
Different economic systems vary in their view of who should own the factors of production. In capitalism, this would be private individuals; in communism, it would be a collective. In the Marxist transition to communism, it would be the state.
by Abu Yahya March 3, 2009
Get the factors of production mug.When residents of a country are free to work or not work however due to their situation and money hardships they are forced to work in government created jobs which are usually not pleasant and do not pay well
A great example of de facto slavery is the "free trade zones" in Jamaica... set up by the United States government and companies like Tommy Hilfiger where Jamaican citizens were forced to work and taxed heavily. Even though the United States government created the free trade zone they pay the Jamaican workers in Jamaican money which is at less value than U.S. currency.
by Zar71 September 20, 2006
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Extremely disorganized, incompetent, or completely lacking in managerial or personnel skills. Often results in a jug fuck or clusterfuck. Is related to the peter principle.
Traditionally used in military/business culture.
Traditionally used in military/business culture.
"Bob's putting together the presentation for Biggie Corp? Aw shit, he couldn't organize a fistfuck in a glove factory."
by CodeSmith May 28, 2009
Get the couldn't organize a fistfuck in a glove factory mug.A whore house or "puticlub" in Spanish which is located on the A-2 highway just outside of Madrid. Lots of Brazilians and Romanians work there. Nice selection but would reccommend flowers park, A-6 Highway exit 26.
I had to pull my friend Brandon out of Factory air last night cuz he was talking to this nasty bitch from Nigeria who claimed she was Cuban. There's a lot of that....
by Shookis May 24, 2006
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Origins of "I'm not bored" from New Zealand's first ever punk band "the Enemy", 1978
Origins of "I'm not bored" from New Zealand's first ever punk band "the Enemy", 1978
by Daggerproof Jacket October 6, 2006
Get the factory mole mug.by VANESA December 26, 2008
Get the FACTORY FRESH mug.In mathematics, factorization or factoring consists of writing a number or another mathematical object as a product of several factors, usually smaller or simpler objects of the same kind. For example, 3 × 5 is a factorization of the integer 15, and is a factorization of the polynomial x² – 4.
factorisation is interesting
by ae is pog April 23, 2021
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