Means of production and Property

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Difference between Means of production and Property

Means of production vs. Property

In economics and sociology, the means of production (also called capital goods) are physical non-human and non-financial inputs used in the production of economic value. Property, in the abstract, is what belongs to or with something, whether as an attribute or as a component of said thing.

Capital (economics)

In economics, capital consists of an asset that can enhance one's power to perform economically useful work.

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Capitalism

Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.

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Common ownership

Common ownership refers to holding the assets of an organization, enterprise or community indivisibly rather than in the names of the individual members or groups of members as common property.

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Communism

In political and social sciences, communism (from Latin communis, "common, universal") is the philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society, which is a socioeconomic order structured upon the common ownership of the means of production and the absence of social classes, money and the state.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Factors of production

In economics, factors of production, resources, or inputs are which is used in the production process to produce output—that is, finished goods and services.

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Karl Marx

Karl MarxThe name "Karl Heinrich Marx", used in various lexicons, is based on an error.

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Nationalization

Nationalization (or nationalisation) is the process of transforming private assets into public assets by bringing them under the public ownership of a national government or state.

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Private property

Private property is a legal designation for the ownership of property by non-governmental legal entities.

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Proletariat

The proletariat (from Latin proletarius "producing offspring") is the class of wage-earners in a capitalist society whose only possession of significant material value is their labour-power (their ability to work).

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Social class

A social class is a set of subjectively defined concepts in the social sciences and political theory centered on models of social stratification in which people are grouped into a set of hierarchical social categories, the most common being the upper, middle and lower classes.

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Socialism

Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production as well as the political theories and movements associated with them.

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Society

A society is a group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.

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Sociology

Sociology is the scientific study of society, patterns of social relationships, social interaction, and culture.

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