Means of production facts for kids
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.
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.
Means of production Facts for Kids. Kiddle Encyclopedia.