Factors of production usually refers to capital, land and labor; and, education became one of factors of production in later studies. Economic development refers to gross domestic product (GDP). The purpose of this study was to explore the relationship among factors of production and economic development. Based on the data offered by the World Bank, the subjects of this study were 22 nations which were more competitive than Taiwan (afterwards called highly competitive nations). Consequently, the following results were obtained: (1) In the four factors of production, only labor has a positive and strong correction with economic development. (2) The three factors, capital land and higher education enrollment rate, have a positive and week correlation with economic development, respectively. (3) Capital and labor may be utilized to predict economic development. (4) Land and higher education enrollment rate may not be used to predict economic development.