Wikipedia

Means of production

reference to physical, non-human inputs used in production to produce wealth

Means of production (abbreviated MoP; German: Produktionsmittel), also called means of labour are the materials, tools and other instruments used by workers to make products. This includes: machines, tools materials, plant and equipment, land, raw materials, money, energy, and anything else labor needs to make things.[1][2][3]

The means of production can be owned by different people in different ways in different societies. Capitalism is when the means of production are owned privately. A capitalist society has a market, where things can be sold and bought. Capitalism also has wage labor. Other societies can be socialist, meaning the means of production are owned in common, either by the workers themselves or by the state. A socialist society may also have a market, depending on the variation of socialism.[4]

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References

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  1. ↑ "Means of Production - an overview | ScienceDirect Topics". www.sciencedirect.com. Retrieved 2021-06-16.
  2. ↑ "means of production". Oxford Reference. Retrieved 2021-06-16.
  3. ↑ "Definition: Mode of Production". cla.purdue.edu. Retrieved 2021-06-16.
  4. ↑ "Production: Meaning, Definition, Types and Factors". Economics Discussion. 2015-10-16. Retrieved 2021-06-16.
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