Definition, Meaning & Synonyms
means of production
Noun
/miːnz əv prəˈdʌkʃən/
Definition
The physical and non-physical resources that are used to produce goods and services.
Examples
- The means of production in the textile industry include weaving machines and raw cotton.
- In Marxist theory, the means of production are crucial for understanding class relations.
- Advances in technology can change the means of production, impacting various industries.
Meaning
Means of production refers to the tools, machinery, factories, and raw materials needed for the production of any economic goods.
Synonyms
- Production resources
- Production tools
- Capital goods
