Factors of production mean the inputs used in the production of goods or services in order to make an economic profit. Land, labor, capital, and entrepreneurship are some of the factors of production. These production factors are also known as management, machines, materials, and labor, and knowledge and they are potentially the new factors of production.
Factors of production depend on the availability of various items and the ultimate use of the product, various elements or agents which help in the fulfillment of production. Thus the goods and services which enable the process of production are carried on are known as factors of production and they are also known as inputs. Anything which contributes to output is known as input or factors of production.