Means of production

The means of production refers to the facilities, tools, infrastructure, resources, and assets used to produce goods and services in an economy. They include factories, machinery, technology, land, raw materials, transportation, and any other equipment or infrastructure that goes into production. The means of production change based on waves of technology and scientific thinking, and are an important element in discussing how wealth is created and maintained. Factors of production are equivalent to the means of production with the inclusion of labor. Thus, all factors of production have an element of means.