Means of production

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The means of production are the physical, non-human items used to produce wealth, such as tools, land, and factories.


Socialists sometimes say that under socialism, the means of production will be owned collectively, rather than by individuals. What this means is that everyone has the legal rights to what is produced. In other words, under socialism, resources cannot be privately hoarded. Under socialism, wealth is earned through work, rather than ownership of the means of production.

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