Production is an indefinite economic activity that serves the needs and wants of people. Factors of production are the contributions required for the creation of goods or services. The main factors of production include land, labor, entrepreneurship, and capital. A factor market is different from the product market. The product market refers to a market for finished goods and services.
Generally, the factors of production are classified into 4 categories including land, labor, capital, and entrepreneurship. When a factory is set up, they are transacting in capital, land, and entrepreneurship market and when they start hiring, they transact in a labor market. These transactions are continuous.
The factor market primarily operates in the background and indirectly feeds demand for final goods and services. Thus, in effect, the product and factor markets collaborate such that:
Growth in demand for products leads to increased demand for factors of production.
Growth in demand for labor from Factor Markets lead to enhanced demand for products. (With well-paying jobs, the purchasing power of an individual is also increased)
Elements of a factor market
The factor market comprises of collective involvement of everybody. Firms hire resources from the public, provide them a way to earn wages, and the wages are then spent on the goods produced by the same firm. This is called a mutual relationship for the benefit of the economy.
Renowned Political Economists like Adam Smith, David Ricardo, and Karl Max designated land, labor, and capital as factors of production.
Land: Land creates a platform or a base to produce goods, majorly for manufacturing, agricultural and industrial sectors. This factor includes not only land but anything that originates from the land like water resources, coal, natural resources, copper, oil, etc. These resources are used as raw materials in the process of production. They can either be renewable resources or nonrenewable. The income that is generated from a land resource is termed as Rent. Though being the essential component of most ventures, its significance can vary based on the type of industry. It plays a vital role in the real estate venture whereas in a technology firm the importance is relatively less.
Labor: Labor plays a vital role in the factors of production. It refers to the commitment and effort extended by an individual to help a firm deliver its products to the end-user. Increased productivity and efficiency are the advantages of abundant human capital in a country. It includes skilled as well as unskilled laborers. A firm becomes ineffectual without the presence of labor.
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