Means of production refer to the physical, non-human inputs used in economic production, such as machinery, factories, land, and raw materials. It includes everything needed to produce goods and services.
Related terms
Capital: Capital represents financial assets or resources that are used in investment or business ventures for generating profit.
Labor: Labor refers to human effort (both physical and mental) exerted in productive activities aimed at creating goods or services.
Productivity: Productivity measures how efficiently resources (including labor) are utilized to produce goods or services within a given time period.