Machines and equipment’s, specialized workers and raw materials are a few examples of the specificity of factors of production. It reveals that the inputs are specific to the production of a particular product. “The production function is purely a technical relation which connects factor inputs and output.” Prof. In simple words, production function refers to the functional relationship between the quantity of a good produced (output) and factors of production (inputs). For instance, when the marginal product of the land is equal to that of labour, capital and organisation, the production becomes maximum. According to the principle of equi-marginal returns, any producer can have maximum production only when the marginal returns of all the factors of production are equal to one another. The producer secures the best combination by applying the principles of equi-marginal returns and substitution. For this sake, he decides to maximize the production at minimum cost by means of the best combination of factors of production. The aim of the producer is to maximize his profit. He also used it to mention Historical materialism (which says the structure of the society and its historical progress are determined by the material conditions of life or through their mode of production).Therefore, the producer combines all the four factors of production in a technical proportion. Marx made use of this concept to explain the economic systems that could probably exist at any point in time. “Capitalism would be replaced by a socialistic collective where all were equal in ownership and rewards of products.” This society stresses on the welfare of the masses in sectors like health care, housing, education, etc. Marx observed that the protests and revolutions led by the working class will pave the way to a communist society wherein everyone works together and distribute the products among themselves.“Workers could be liberated from this experience by seizing the means of production” Some capitalist countries include Australia, the United Kingdom, Canada, and the United Arab Emirates. Capitalism is such an economic system wherein private players own the means of production and they are incentivized to maximize the amount of money they earn through competing with other firms. And then developed Capitalism (due to the industrial revolution) in which people demand wages for all the labor they had been providing until then.Slavery can be seen during the colonial rule of the British who carried slaves from Africa to the USA in order to develop the production there. There was the development of the feudal mode of production wherein the mercantile class was served by slaves (or serfs) who neither had incomes nor any upward mobility.

Next came slavery (which was seen in the Greek and Roman city-states).This can be observed in many societies (until recent past) where rich landlords let tenants work on their lands and take a lot of the produce as rent. Then was the Asiatic mode of production which comprised of the premier form of a society wherein classes (a tussle between the people who have lands and those that don’t) existed.

Marx and Friedrich Engles (another German philosopher) considered hunter-gatherers to be a form of primitive communism wherein people would produce together and share the output among themselves equally.

In Marxist theory, this concept was used to depict the differences among the economies of various societies.

It is composed of two main aspects: forces of production which refers to the elements used in producing anything (land, raw material, labor, machinery, and capital)and relations of production which refers to the relationship between people as well as people’s relationship with the forces of production out of which crucial decisions regarding what is to be done with the output is determined. It refers to the way in which a society is organized so as to produce goods and services. In Marxism, the mode of production is a very important concept. Besides, he mastered many other subjects like economics, political theory, history, etc. Karl Marx was a German philosopher and sociologist.

Means of production