factor of production ˌfactor of proˈduction noun factors of production PLURALFORM [countable]
ECONOMICS something that is needed to produce a particular product. The main factors of production are land, labour, and capital:
• Inner-urban areas provide ideal factors of production for new companies, such as cheap premises and labour.
* * *
factor of production UK US noun [C] (plural factors of production)
► ECONOMICS, PRODUCTION something that is needed in order to make a particular product, for example labour, land, or materials: »
It needs to be recalled that, of all the factors of production, labour is the least mobile.
Financial and business terms. 2012.