PRODUCTION. 6. The creation of objects which constitute wealth. PRODUCT, PRODUCE. 7. The portion of wealth created by production. SOURCES OF WEALTH. 8. Land, labour, and capital. The two original sources, are land and labour; but the aid which labour receives from capital is applied so very early, and is so very necessary in the production of wealth, that it may be considered as a third source. LAND. 9. The soil, mines, waters, and fisheries of the habitable globe. It is the main source of raw materials and food. LABOUR. 10. The exertions of human beings employed with a view to remuneration. If the term be applied to other exertions, they must be particularly specified. PRODUCTIVE LABOUR. 11. The labour which is so directly productive of wealth as to be capable of estimation in the quantity or value of the products obtained. UNPRODUCTIVE LABOUR. 12. All labour which is not directly productive of wealth. The terms productive and unproductive are always used by political economists in a restricted and technical sense exclusively applicable to the direct production or non-production of wealth. INDUSTRY. 13. The exertion of the human faculties and powers to accomplish some desirable end. No very marked line is drawn in common language, or by political economists, between industry and labour; but the term industry generally implies more superintendence and less bodily exertion than labour. STOCK. 14. Accumulated wealth, either reserved by the consumer for his consumption, or kept, or employed with a view to profit. CAPITAL. 15. That portion of the stock of a country which is kept or employed with a view to profit in the production and distribution of wealth. FIXED CAPITAL. 16. That portion of stock employed with a view to profit which yields such profit while it remains in the possession of the owner. CIRCULATING CAPITAL. 17. That portion of stock employed with a view to profit which does not yield such profit till it is parted with. REVENUE. 18. That portion of stock or wealth which the possessor may annually consume without injury to his permanent resources. It consists of the rents of land, the wages of labour, and the profits of stock. ACCUMULATION OF CAPITAL. 19. The employment of a portion of revenue as capital. Capital may therefore increase without an increase of stock or wealth. SAVING. 20. In modern times, implies the accumulation of capital, as few people now lock up their money in a box. RENT OF LAND.