Economics factor of production
•Download as PPTX, PDF•
41 likes•13,672 views
This document introduces basic concepts relating to factors of production. It defines production as the process of converting inputs into outputs. The main factors of production discussed are land, labor, and capital. Land refers to natural resources and is a limited, immobile factor. Labor is the human factor and includes all physical and mental work. It is perishable and workers have varying levels of efficiency. Capital consists of manufactured goods used to produce other goods and is a man-made, mobile factor that depreciates over time.
Report
Share
Report
Share
Recommended
Factors of production
The document discusses the factors of production. It defines production as any activity directed towards satisfying others' wants through exchange. The four basic factors of production are land, labor, capital, and entrepreneur. Land refers to all natural resources used in production. Labor is human work or effort. Capital consists of man-made goods like machinery. The entrepreneur combines the factors of production and takes on the risk of production.
Factors of Production
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
Factor of production.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: ANISUR RAHMAN
FARHANA AKTER
MD: HASANUZZAMAN
RIFATULLAH
RIMA AKTER
Factors of production powerpoint presentation
This document defines and provides examples of the four factors of production:
1) Natural resources, which are fixed supplies found in nature like land, water, forests, and cannot be renewed. Examples include oil and minerals.
2) Entrepreneurship, which combines the factors of production to produce goods and services. An entrepreneur takes risks and is motivated.
3) Labor, which is the mental and physical effort of people involved in a business. Examples include mineworkers and teachers.
4) Capital, which includes manufactured resources like machines, tools, and buildings needed to produce other goods and services. Capital can also refer to the money used to start a business. Examples include factories, offices, and
Economics factors of production
Production involves transforming inputs like labor, machines, and raw materials into more useful outputs or services. The key factors of production are land, labor, capital, and the entrepreneur. Land refers to the original gifts from nature that are limited in supply and differ in variety. Labor consists of physical and mental efforts by individuals. Capital is the part of wealth that is used in the production process, like a taxi cab that becomes capital when used to provide taxi services. The entrepreneur organizes and coordinates the other factors of production.
Factors of Production (economics)
An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship
Factors Of Production2009 4
The document discusses the key factors of production - land, labor, capital and enterprise. It defines each factor and provides classifications and characteristics. Land refers to natural resources and is fixed in supply. Labor is any human physical or mental work and its supply can increase. Capital consists of man-made goods used for further production. Enterprise involves risk-taking, decision-making and innovation in business. The factors of production combine and their cooperation results in income.
Factor of production
The document presents information on the key factors of production - land, labor, capital, and entrepreneurship. It discusses the characteristics of each factor. Land is a natural and immobile resource with limited supply. Labor refers to human work and is inseparable from laborers, with an inelastic supply. Capital consists of manufactured wealth used for further production and depreciates over time. Entrepreneurship involves identifying business opportunities and organizing the other factors of production.
Recommended
Factors of production
The document discusses the factors of production. It defines production as any activity directed towards satisfying others' wants through exchange. The four basic factors of production are land, labor, capital, and entrepreneur. Land refers to all natural resources used in production. Labor is human work or effort. Capital consists of man-made goods like machinery. The entrepreneur combines the factors of production and takes on the risk of production.
Factors of Production
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
Factor of production.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: ANISUR RAHMAN
FARHANA AKTER
MD: HASANUZZAMAN
RIFATULLAH
RIMA AKTER
Factors of production powerpoint presentation
This document defines and provides examples of the four factors of production:
1) Natural resources, which are fixed supplies found in nature like land, water, forests, and cannot be renewed. Examples include oil and minerals.
2) Entrepreneurship, which combines the factors of production to produce goods and services. An entrepreneur takes risks and is motivated.
3) Labor, which is the mental and physical effort of people involved in a business. Examples include mineworkers and teachers.
4) Capital, which includes manufactured resources like machines, tools, and buildings needed to produce other goods and services. Capital can also refer to the money used to start a business. Examples include factories, offices, and
Economics factors of production
Production involves transforming inputs like labor, machines, and raw materials into more useful outputs or services. The key factors of production are land, labor, capital, and the entrepreneur. Land refers to the original gifts from nature that are limited in supply and differ in variety. Labor consists of physical and mental efforts by individuals. Capital is the part of wealth that is used in the production process, like a taxi cab that becomes capital when used to provide taxi services. The entrepreneur organizes and coordinates the other factors of production.
Factors of Production (economics)
An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship
Factors Of Production2009 4
The document discusses the key factors of production - land, labor, capital and enterprise. It defines each factor and provides classifications and characteristics. Land refers to natural resources and is fixed in supply. Labor is any human physical or mental work and its supply can increase. Capital consists of man-made goods used for further production. Enterprise involves risk-taking, decision-making and innovation in business. The factors of production combine and their cooperation results in income.
Factor of production
The document presents information on the key factors of production - land, labor, capital, and entrepreneurship. It discusses the characteristics of each factor. Land is a natural and immobile resource with limited supply. Labor refers to human work and is inseparable from laborers, with an inelastic supply. Capital consists of manufactured wealth used for further production and depreciates over time. Entrepreneurship involves identifying business opportunities and organizing the other factors of production.
Factors of production
The document discusses the four main factors of production: land, labor, capital, and enterprise. It provides details on each factor, including definitions, characteristics, and the role they play in economic production. Land refers to natural resources, labor to human effort, capital to man-made resources like machinery, and enterprise combines the factors and organizes production. Division of labor and its benefits and limitations are also examined.
Factors of production
The document defines factors of production as the resources used to produce goods and services. It identifies the four main factors of production as land, labor, capital, and enterprise. It provides details on each factor, including definitions, types, and the payments made to each.
Economics : Unit 1 scarcity & choice
Dr. Ahmed El-Feqi has extensive academic qualifications, including a Ph.D in Economics from the University of East Anglia. He has received fellowships from both the Ford Foundation and International Fellowship Programme in the United States. El-Feqi is currently a teaching assistant at Delta University. The document goes on to define key economic concepts like scarcity, resources, wants and needs, goods and services. It explains how economies must make choices due to limited resources, and uses models like the production possibilities frontier to illustrate opportunity costs and trade-offs.
Land as a factor of production
The document discusses land as a factor of production in economics. It defines land as including all natural resources on, below, and above the earth's surface that are used for production. Land is considered the original and primary factor of production. Some key characteristics of land are that it is a gift of nature, has a perfectly inelastic supply, may have diminishing returns, and earns rent as a reward for its use. Factors like soil, climate, and location can affect the productivity and value of different parcels of land.
Theory of production
This unit discusses the theory of production. It defines production as converting resources into outputs that satisfy human wants. The key factors of production are land, labor, capital, and entrepreneurship. The production function shows the relationship between inputs like capital and labor, and the quantity of output produced. There are laws of variable proportions and returns to scale. Production optimization involves finding the least-cost combination of inputs using isoquants and isocost lines, where the tangency point indicates the producer's equilibrium.
Production And Factors Of Production
This document discusses the key concepts of production and factors of production. It defines production as the process of converting inputs into outputs. The four main factors of production are identified as land, labor, capital, and entrepreneur. Land refers to natural resources and has the features of being a free gift of nature with inelastic supply. Labor is defined as human economic activity and has the features of being a human factor and unable to be stored. Capital refers to man-made resources like factories and machines used for production, and has the features of being man-made with elastic supply and mobility. The entrepreneur brings together the other factors of production and takes on the risks and decisions involved in the production process.
Scarci̇ty
Scarcity is caused by unlimited wants and limited resources. Economics relies on the assumption that resources are scarce. Scarcity exists because people have unlimited wants but resources are finite. The four factors of production that determine what can be produced are natural resources, human resources, capital resources, and entrepreneurship. There are three fundamental economic questions: what to produce, how to produce it, and for whom to produce. Scarcity is a permanent condition due to unlimited wants, whereas a shortage can be temporary and corrected by increasing production.
Production and Cost
Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
FACTORS OF PRODUCTION
The document outlines the four factors of production in economics: natural resources, labor, capital, and entrepreneurship. Natural resources are gifts from nature like land, water, animals, and minerals. Labor refers to the workforce, including anyone who works to produce goods and services. Capital consists of manufactured goods used to make other goods and services. Entrepreneurship involves individuals who start new businesses, introduce new products, or improve processes.
Law of variable proportion
The document discusses the law of variable proportions, which examines how output changes when the quantity of one input (the variable factor) is increased while keeping other inputs fixed. It defines the law, lists its assumptions, and explains it using a tabular example of increasing a fixed amount of land with varying labor. Total product, marginal product, and average product are calculated at each stage. Graphically, there are three stages: increasing returns, diminishing returns, and negative returns. Causes of each stage are also provided, such as underutilization of fixed factors in the first stage and imperfect substitutability of factors in later stages.
Scarcity of resources
The document discusses the concept of scarcity and its causes. It defines scarcity as limited availability of resources where demand exceeds supply. Scarcity arises due to natural limits on resources, limitations of technology, poor planning, and the gap between unlimited human wants and limited resources available. The key ways to manage scarcity are through proper planning and use of techniques to maximize production of insufficient resources. This addresses the economic questions of what to produce, how to produce, and for whom to produce in order to minimize scarcity conditions. Scarce resources take on market value, which can lead to inflation if demand is high and supply is low.
Opportunity cost powerpoint
The document discusses production possibility curves and opportunity cost using examples from the Great Depression and World War 2 mobilization. During the Great Depression, reduced resources meant the US economy was well inside the production possibility curve. Mobilization for WWII increased productive resources through government spending, increased labor participation, and improved productivity, shifting the curve outward to indicate economic growth.
Introduction to Economics
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
Economic resources
The document discusses the four categories of resources or factors of production that economists use: land, labor, capital, and entrepreneurship. It defines each category and provides examples. Land includes all natural resources. Labor refers to human effort. Capital consists of manufactured goods that can be used for further production, such as machinery. Entrepreneurship is the special talent of developing new ideas and taking risks to start new businesses. The document also notes that resources are paid for through rent, wages, interest, and profit.
theory of production and cost
The document discusses key concepts related to production theory and cost analysis. It defines production as transforming inputs into outputs. Inputs can be fixed or variable, and production functions are classified as short-run or long-run depending on whether inputs are fixed or variable. The law of diminishing returns and returns to scale are explained. Cost concepts like total, average, fixed and variable costs are introduced. Break-even analysis is defined as a technique to understand the relationship between sales, costs and profits. Key assumptions and applications of break-even analysis are also outlined.
Basic economic problem
The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Slide 1 1mm - the basic economic problem
The basic economic problem is that human wants are unlimited while resources are scarce. This means that societies must make choices about how to allocate scarce resources between alternative uses to best satisfy people's needs and wants. The opportunity cost of a choice is the value of the best alternative forgone, or what is given up by making that choice. Production possibility curves illustrate this problem by showing the tradeoffs involved - producing more of one good requires producing less of another since resources are limited.
Theory of cost
The document discusses the concept of cost and various types of costs from the perspective of the theory of cost. It defines cost and explains opportunity cost versus actual cost. It then outlines 10 main types of costs including direct vs indirect costs, fixed vs variable costs, sunk vs incremental costs, and historical vs replacement costs. The document also discusses cost functions and how factors like output, scale, input prices, and technology influence the cost-output relationship in the short-run. Graphs and examples are provided to illustrate short-run total, average and marginal costs.
Production and Cost
This document provides an overview of production relationships and costs in three parts. Part 1 discusses the relationships between total product, marginal product, and average product as additional labor is added. It shows diminishing returns will eventually set in. Part 2 defines short run costs, including total, variable, and fixed costs. Variable costs increase with output while fixed costs do not. Average total costs are initially high but decrease as fixed costs are spread over more units before eventually increasing again due to diminishing returns. Part 3 will discuss long run production costs.
law of variable proportions
The Law of Variable Proportions states that as the quantity of one variable input is increased while holding other inputs fixed, total product will initially rise at an increasing rate, then at a decreasing rate, and eventually at a negative rate. It operates in the short-run when some factors can vary and others are fixed. The law is demonstrated through a schedule that shows as labor is incrementally increased from 1 to 6 units, total product first increases, then increases at a lower rate, and eventually decreases, moving from phases of increasing, diminishing, and negative returns.
Factorsofproduction
The document discusses the four factors of production - land, labor, capital, and entrepreneurship. It defines each factor and provides their key characteristics. Land refers to natural resources and is a limited, immobile gift of nature. Labor is human work and effort that cannot be separated from people. It differs in efficiency. Capital includes physical capital like machinery and human capital like skills. The entrepreneur brings together the factors of production to create products.
Thefactorsofproduction 140307034548-phpapp01
This document introduces the key factors of production - land, labor, capital and entrepreneurship. It defines each factor and provides their characteristics. Land refers to natural resources and is a limited, immobile gift of nature. Labor is the human contribution to production and includes both physical and mental work. Capital consists of man-made goods that aid production like machinery. It is mobile and depreciates over time. The entrepreneur organizes these factors and bears the risk in production, bringing together scattered resources and ensuring work is coordinated. Human capital and the classification of physical capital into fixed and working capital are also discussed.
More Related Content
What's hot
Factors of production
The document discusses the four main factors of production: land, labor, capital, and enterprise. It provides details on each factor, including definitions, characteristics, and the role they play in economic production. Land refers to natural resources, labor to human effort, capital to man-made resources like machinery, and enterprise combines the factors and organizes production. Division of labor and its benefits and limitations are also examined.
Factors of production
The document defines factors of production as the resources used to produce goods and services. It identifies the four main factors of production as land, labor, capital, and enterprise. It provides details on each factor, including definitions, types, and the payments made to each.
Economics : Unit 1 scarcity & choice
Dr. Ahmed El-Feqi has extensive academic qualifications, including a Ph.D in Economics from the University of East Anglia. He has received fellowships from both the Ford Foundation and International Fellowship Programme in the United States. El-Feqi is currently a teaching assistant at Delta University. The document goes on to define key economic concepts like scarcity, resources, wants and needs, goods and services. It explains how economies must make choices due to limited resources, and uses models like the production possibilities frontier to illustrate opportunity costs and trade-offs.
Land as a factor of production
The document discusses land as a factor of production in economics. It defines land as including all natural resources on, below, and above the earth's surface that are used for production. Land is considered the original and primary factor of production. Some key characteristics of land are that it is a gift of nature, has a perfectly inelastic supply, may have diminishing returns, and earns rent as a reward for its use. Factors like soil, climate, and location can affect the productivity and value of different parcels of land.
Theory of production
This unit discusses the theory of production. It defines production as converting resources into outputs that satisfy human wants. The key factors of production are land, labor, capital, and entrepreneurship. The production function shows the relationship between inputs like capital and labor, and the quantity of output produced. There are laws of variable proportions and returns to scale. Production optimization involves finding the least-cost combination of inputs using isoquants and isocost lines, where the tangency point indicates the producer's equilibrium.
Production And Factors Of Production
This document discusses the key concepts of production and factors of production. It defines production as the process of converting inputs into outputs. The four main factors of production are identified as land, labor, capital, and entrepreneur. Land refers to natural resources and has the features of being a free gift of nature with inelastic supply. Labor is defined as human economic activity and has the features of being a human factor and unable to be stored. Capital refers to man-made resources like factories and machines used for production, and has the features of being man-made with elastic supply and mobility. The entrepreneur brings together the other factors of production and takes on the risks and decisions involved in the production process.
Scarci̇ty
Scarcity is caused by unlimited wants and limited resources. Economics relies on the assumption that resources are scarce. Scarcity exists because people have unlimited wants but resources are finite. The four factors of production that determine what can be produced are natural resources, human resources, capital resources, and entrepreneurship. There are three fundamental economic questions: what to produce, how to produce it, and for whom to produce. Scarcity is a permanent condition due to unlimited wants, whereas a shortage can be temporary and corrected by increasing production.
Production and Cost
Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
FACTORS OF PRODUCTION
The document outlines the four factors of production in economics: natural resources, labor, capital, and entrepreneurship. Natural resources are gifts from nature like land, water, animals, and minerals. Labor refers to the workforce, including anyone who works to produce goods and services. Capital consists of manufactured goods used to make other goods and services. Entrepreneurship involves individuals who start new businesses, introduce new products, or improve processes.
Law of variable proportion
The document discusses the law of variable proportions, which examines how output changes when the quantity of one input (the variable factor) is increased while keeping other inputs fixed. It defines the law, lists its assumptions, and explains it using a tabular example of increasing a fixed amount of land with varying labor. Total product, marginal product, and average product are calculated at each stage. Graphically, there are three stages: increasing returns, diminishing returns, and negative returns. Causes of each stage are also provided, such as underutilization of fixed factors in the first stage and imperfect substitutability of factors in later stages.
Scarcity of resources
The document discusses the concept of scarcity and its causes. It defines scarcity as limited availability of resources where demand exceeds supply. Scarcity arises due to natural limits on resources, limitations of technology, poor planning, and the gap between unlimited human wants and limited resources available. The key ways to manage scarcity are through proper planning and use of techniques to maximize production of insufficient resources. This addresses the economic questions of what to produce, how to produce, and for whom to produce in order to minimize scarcity conditions. Scarce resources take on market value, which can lead to inflation if demand is high and supply is low.
Opportunity cost powerpoint
The document discusses production possibility curves and opportunity cost using examples from the Great Depression and World War 2 mobilization. During the Great Depression, reduced resources meant the US economy was well inside the production possibility curve. Mobilization for WWII increased productive resources through government spending, increased labor participation, and improved productivity, shifting the curve outward to indicate economic growth.
Introduction to Economics
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
Economic resources
The document discusses the four categories of resources or factors of production that economists use: land, labor, capital, and entrepreneurship. It defines each category and provides examples. Land includes all natural resources. Labor refers to human effort. Capital consists of manufactured goods that can be used for further production, such as machinery. Entrepreneurship is the special talent of developing new ideas and taking risks to start new businesses. The document also notes that resources are paid for through rent, wages, interest, and profit.
theory of production and cost
The document discusses key concepts related to production theory and cost analysis. It defines production as transforming inputs into outputs. Inputs can be fixed or variable, and production functions are classified as short-run or long-run depending on whether inputs are fixed or variable. The law of diminishing returns and returns to scale are explained. Cost concepts like total, average, fixed and variable costs are introduced. Break-even analysis is defined as a technique to understand the relationship between sales, costs and profits. Key assumptions and applications of break-even analysis are also outlined.
Basic economic problem
The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Slide 1 1mm - the basic economic problem
The basic economic problem is that human wants are unlimited while resources are scarce. This means that societies must make choices about how to allocate scarce resources between alternative uses to best satisfy people's needs and wants. The opportunity cost of a choice is the value of the best alternative forgone, or what is given up by making that choice. Production possibility curves illustrate this problem by showing the tradeoffs involved - producing more of one good requires producing less of another since resources are limited.
Theory of cost
The document discusses the concept of cost and various types of costs from the perspective of the theory of cost. It defines cost and explains opportunity cost versus actual cost. It then outlines 10 main types of costs including direct vs indirect costs, fixed vs variable costs, sunk vs incremental costs, and historical vs replacement costs. The document also discusses cost functions and how factors like output, scale, input prices, and technology influence the cost-output relationship in the short-run. Graphs and examples are provided to illustrate short-run total, average and marginal costs.
Production and Cost
This document provides an overview of production relationships and costs in three parts. Part 1 discusses the relationships between total product, marginal product, and average product as additional labor is added. It shows diminishing returns will eventually set in. Part 2 defines short run costs, including total, variable, and fixed costs. Variable costs increase with output while fixed costs do not. Average total costs are initially high but decrease as fixed costs are spread over more units before eventually increasing again due to diminishing returns. Part 3 will discuss long run production costs.
law of variable proportions
The Law of Variable Proportions states that as the quantity of one variable input is increased while holding other inputs fixed, total product will initially rise at an increasing rate, then at a decreasing rate, and eventually at a negative rate. It operates in the short-run when some factors can vary and others are fixed. The law is demonstrated through a schedule that shows as labor is incrementally increased from 1 to 6 units, total product first increases, then increases at a lower rate, and eventually decreases, moving from phases of increasing, diminishing, and negative returns.
What's hot (20)
Similar to Economics factor of production
Factorsofproduction
The document discusses the four factors of production - land, labor, capital, and entrepreneurship. It defines each factor and provides their key characteristics. Land refers to natural resources and is a limited, immobile gift of nature. Labor is human work and effort that cannot be separated from people. It differs in efficiency. Capital includes physical capital like machinery and human capital like skills. The entrepreneur brings together the factors of production to create products.
Thefactorsofproduction 140307034548-phpapp01
This document introduces the key factors of production - land, labor, capital and entrepreneurship. It defines each factor and provides their characteristics. Land refers to natural resources and is a limited, immobile gift of nature. Labor is the human contribution to production and includes both physical and mental work. Capital consists of man-made goods that aid production like machinery. It is mobile and depreciates over time. The entrepreneur organizes these factors and bears the risk in production, bringing together scattered resources and ensuring work is coordinated. Human capital and the classification of physical capital into fixed and working capital are also discussed.
Proffectional studies
The document discusses the four factors of production: natural resources, labor, capital, and entrepreneurship. Natural resources are gifts from nature like land, water, animals, and minerals that enable production. Labor refers to a country's workforce, including both physical and mental work. Capital includes money invested in businesses as well as manufactured goods and tools used for further production. Entrepreneurship involves individuals who start businesses and introduce new products, bringing together land, labor, and capital to direct production activities and take on associated risks and decision making. Each factor is compensated differently: natural resources through rent, labor through wages, capital through interest, and entrepreneurship through profits.
Theory of Production.pdf
This document defines production and factors of production. It states that production is the process of converting inputs into outputs in the form of goods and services to satisfy demand. The key factors of production are land, labor, capital and entrepreneurship. It describes land as the natural resources on, below, and above the Earth's surface. Labor is defined as any physical or mental work done in exchange for monetary compensation. The document outlines several characteristics of both land and labor as factors of production, such as land being a passive, immobile natural resource and labor being perishable and heterogeneous.
theory of production ( EEM PPT / SEM 4 GTU )
The document provides information about the theory of production and the factors of production.
It begins with an introduction to the theory of production, defining it as the process of converting inputs into outputs. It then discusses the production function and how it represents the relationship between inputs and outputs.
The main body of the document is dedicated to explaining the four factors of production: land, labor, capital, and entrepreneurship. It provides examples and definitions for each factor.
The document concludes by discussing some concepts that influence entrepreneurial decision making, such as scarcity, opportunity cost, and productivity. It emphasizes how entrepreneurs must use resources efficiently to maximize profits.
Estimation of factors productivities and factors share
This document discusses factors of production and their characteristics. The four main factors of production are land, labor, capital, and entrepreneurship. It provides details on each factor, including:
- Land is a natural resource and primary factor that includes the earth's surface, subsurface, and climate. It has inelastic supply and is immobile.
- Labor is human effort or work. It is an active yet perishable and heterogeneous factor with imperfect mobility.
- Capital includes man-made goods like machinery that are used for further production. It has elastic supply and is a durable factor.
- Entrepreneurship organizes the other factors and bears risk. Successful entrepreneurs have skills like organization, innovation
Eco
This document defines production factors and their characteristics. It discusses:
1) Production is the process of transforming raw materials into final products using labor and machines. Production functions describe how inputs like capital and labor are transformed into output.
2) The main production factors are land, labor, capital, and entrepreneurship. Land provides natural resources but has limited availability. Labor represents human capital and workers can be trained. Capital includes physical assets and monetary resources used to purchase other resources. Entrepreneurship directs the transformation of resources and assumes risk.
3) Each production factor has specific characteristics. Land lacks mobility. Labor is a flexible but inseparable resource. Capital allows improved productivity but requires saving. Ent
Manju ppt
The document defines production as the act of making goods and services to satisfy human wants. It identifies the four main factors of production as land, labor, capital, and organization. Land refers to natural resources. Labor involves physical and mental work. Capital consists of man-made goods. Organization is the combination of the other factors and the work of entrepreneurs. When these factors are transformed, the process results in production, which meets human needs.
Manju s ppt
The document discusses the key factors of production - land, labor, capital and organization. It defines each factor and provides examples. Land refers to all natural resources on Earth. Labor is any physical or mental work done for payment. Capital includes man-made goods and instruments used for production. Organization, or entrepreneurship, is the act of combining the other factors for production. When these factors of production are transformed, the process results in production, which aims to satisfy human wants by creating goods and services.
PRODUCTION:PROCESS, FACTORS OF PRODUCTION, INPUT OUTPUT RELATIONSHIP
PRODUCTION:PROCESS, FACTORS OF PRODUCTION, INPUT OUTPUT RELATIONSHIPIndira Gandhi KrishiVishwavidyalaya (IGKV)
This document discusses the key concepts of production. It defines production as the process of transforming inputs into outputs through three main types: primary, secondary, and tertiary. The four main factors of production are identified as land, labor, capital, and organization. Land refers to natural resources, labor to human effort, capital to funds for production not consumption, and organization to coordinating the factors of production through entrepreneurship. The production function represents the relationship between inputs like capital and labor and the maximum output that can be produced.factors of production-converted_006.pptx
The document discusses the four main factors of production: land, labor, capital, and entrepreneurship. It provides characteristics of each factor. Land is a free gift of nature with limited supply and is immobile. Labor refers to all physical and mental contributions and is inseparable from laborers. Capital consists of wealth used for further production. Entrepreneurship involves scanning opportunities, allocating resources, and undertaking production with risk taking and innovation. The document also discusses mobility, quantity, and quality of the factors of production.
Factors of production (land and labour)
The document discusses the factors of production land and labor. It defines land as natural resources and gifts from nature that are used in production. Labor refers to human effort, both physical and mental, that is contributed to the production process. The key characteristics of land are that it is a passive, immobile and limited factor, while labor is an active and mobile factor. Both land and labor play important roles in facilitating economic production and development.
Factors of production Economics
This document provides an overview of factors of production for an assignment. It discusses the key factors of production - land, labor, capital and entrepreneurship. For land, it describes the characteristics of land including that it is a gift of nature, has a fixed supply, and differs in fertility. It also discusses the functions, importance and productivity of land. The productivity of land is influenced by factors like the fertility of land, proper use of land, its location, improvements done to increase irrigation, and land ownership laws. The document is a report submitted by students for an assignment on factors of production.
Factors of Production- Economics
The document summarizes the four main factors of production: land, labor, capital, and entrepreneurship. It provides details on the characteristics and definitions of each factor. Land refers to all natural resources and is a passive, fixed factor. Labor is human effort that is active but perishable. Capital consists of man-made goods that are durable but require maintenance. Entrepreneurship involves organizing the other factors and bearing risk to generate profit.
Production(ii)
The four main factors of production are land, labor, capital, and entrepreneurship. Land refers to natural resources and is fixed in supply. Labor represents all human effort, both physical and mental. Capital consists of man-made resources used to create more wealth and comes in two forms: fixed capital for durable goods and working capital for goods that change form during production. Entrepreneurship organizes the other factors and takes risks to coordinate production.
Production
Production involves transforming factors of production like land, labor, capital, and entrepreneurship into goods and services to satisfy human wants. There are two types of goods - free goods which are naturally occurring and economic goods which require human effort. The factors of production include land, labor, capital, and entrepreneurs. Factors can be fixed, remaining constant regardless of production volume, or variable, changing based on production volume.
Lucky
The document defines factors of production as the resources required to produce goods and services. It lists the four main factors as natural resources, labor, capital, and entrepreneurship. Each factor is discussed in terms of its characteristics and role in production. The document also explains that factors of production are rewarded for their contribution through rent, wages, interest, and profit.
Economics 3
Production involves transforming inputs (factors of production) into outputs through a process of creation. The main factors of production are land, labor, capital, and entrepreneurship. Land refers to all natural resources and is in fixed supply. Labor is human effort that is perishable. Capital consists of man-made goods used for further production. Entrepreneurship involves organizing and combining the other factors of production. The utility of goods and services can increase through changing their form, location, or the timing of when they are available, which contributes to overall production and redistribution in the economy.
Introduction to Macroeconomics
This document defines basic economic terms and concepts. It discusses that goods can be tangible, like materials, or intangible, like services. It also defines different types of goods like consumer goods, capital goods, luxury goods, and free goods. The four factors of production are land, labor, capital, and entrepreneurship. Land includes natural resources. Labor represents human capital. Capital includes monetary and physical resources. Entrepreneurs combine the factors. The three main economic systems are the traditional economy, command economy, and market economy. The production possibilities frontier illustrates the key economic problem of scarcity and tradeoffs in production.
Chapter+2,+Theory+of+Production.pptx
This document discusses the theory of production and factors of production. It explains that inputs used in production are classified as primary or secondary. The four main factors of production are land, labor, capital, and entrepreneurship. It defines each factor and provides examples. The document also discusses different types of costs including fixed, variable, and total costs. It introduces break-even analysis and lists its assumptions such as constant prices and costs. Limitations of break-even analysis are noted such as ignoring price changes. Key questions about factors of production and costs are provided.
Similar to Economics factor of production (20)
Estimation of factors productivities and factors share
Estimation of factors productivities and factors share
PRODUCTION:PROCESS, FACTORS OF PRODUCTION, INPUT OUTPUT RELATIONSHIP
PRODUCTION:PROCESS, FACTORS OF PRODUCTION, INPUT OUTPUT RELATIONSHIP
More from English planet
countable un countable nouns.pptx
This document discusses countable and uncountable nouns. It explains that countable nouns can take plural forms and be used with quantifiers like "many" or "few", while uncountable nouns do not change form in plural and are used with quantifiers like "much" or "little". It provides examples of countable nouns like "table" and "banana" versus uncountable nouns like "news" and "money". The document also lists tasks to identify whether a given noun is countable or uncountable and should take articles like "a" vs "an" or quantifiers like "many" vs "much".
Vocab for letter A
Annie is an ant who lives in an anthill. The document provides a list of words for Annie to revise including ant, ankle, abacus, album, and ambulance. It concludes by thanking the reader.
Countable and uncountable nouns
1. The document discusses countable and uncountable nouns and why it is important to distinguish between them when using articles, determiners, and plural/singular forms.
2. Countable nouns can take singular and plural forms and require the use of articles like "a" or "an", while uncountable nouns are only used in singular form or with determiners like "much" and "little".
3. Several examples are provided to illustrate countable vs. uncountable nouns and how they are used differently with articles, determiners, and in singular/plural forms.
Aaa bright academy ambala
AAA-Bright Academy Ambala is the top coaching institute in North India that provides coaching for various competitive exams over 3 months with comprehensive syllabus coverage, computerized notes, 6 day/week classes, regular tests and discussion, shortcut methods, online current affairs and mock tests. It has been the number 1 institute for 16 years and has branches across North India including Chandigarh, Mohali, Panchkula, Shimla, Solan, Patiala, Ludhiana, Jalandhar, Sangrur, Hoshiarpur, Gurdaspur, Amritsar, Yamunanagar and Ambala.
NTSE
The document provides information about the National Talent Search Examination (NTSE), a national scholarship program started in 1963 to identify and support talented students. The NTSE is a two-stage examination for Class X students. The first stage examines students on mental ability, language, and scholastic aptitude tests. Top scorers advance to the second stage, which follows the same exam pattern. 1000 scholarships are awarded each year, providing monthly stipends of Rs. 1250 for classes 11-12 and Rs. 2000 for undergraduate and postgraduate studies. Students can apply online between August-September, with exams held in November and May.
Geometrical
A point is represented by a dot with no dimensions. A ray extends from an endpoint in one direction. A plane is a flat surface that extends indefinitely. An angle is formed by two rays with a shared endpoint. A triangle has three sides and three angles. A quadrilateral is a four-sided figure with line segments that connect four points without intersecting except at endpoints. A circle is a set of points equidistant from a fixed center point. Key elements of a circle include the circumference, diameter, radius, chord, arc, sector, segment, and tangent.
Issues facing indian economy
India attained independence on August 15, 1947. While India has made progress economically, socially, and technologically, it still faces major problems like poverty, unemployment, and inflation. Poverty is one of the biggest challenges, with over 24 crore people estimated to live in poverty in 2010-2011. The main causes of poverty are increasing population, lack of utilization of natural resources, and an unwise economic policies of the government. Unemployment and low productivity also contribute to a vicious cycle of poverty. Population explosion is a key reason for many of India's economic issues.
Parts of speech
This document provides an overview of the eight parts of speech in English grammar: nouns, pronouns, verbs, adjectives, adverbs, prepositions, conjunctions, and interjections. For each part of speech, it lists examples and definitions of the different types. Nouns can be common, proper, singular, or plural. Verbs can be action, linking, or "be" verbs. Pronouns can be personal, possessive, indefinite, or demonstrative. Adjectives modify nouns and pronouns. Adverbs modify verbs, adjectives, or other adverbs. Prepositions show relationships between nouns or pronouns and other words. Conjunctions join
People as resourse
The document discusses different types of resources including natural resources like renewable and non-renewable resources. It also discusses human resources referring to a country's working population and their skills. Physical capital is defined as manufactured assets like machinery and buildings used for production. Finally, it discusses how human resources can impact economic growth by increasing productivity, specialization, physical capital formation, and demand.
Perameter n area class 7
This document provides examples of calculating the perimeter and area of various shapes. It begins by defining perimeter as the distance around the outside of a shape and providing examples of calculating perimeters of squares and rectangles by counting sides. It then defines area as the amount of space inside a shape and provides examples of calculating areas of squares and rectangles by counting squares. It introduces composite shapes and provides a method to calculate total area by splitting a shape into rectangles. Finally, it uses two sample pool shapes to demonstrate calculating perimeter and area and determining which family's pool has more side panels to clean and which has a larger swimming area.
Rating and observation scale
This document discusses observation and rating scales in education. It begins by defining observation as employing listening and seeing a situation or individual behavior. The advantages of observation include understanding non-verbal behavior and making diagnoses to improve teaching. Some limitations are subjective judgments and not observing unconscious behaviors. Rating scales are devices to judge traits not detectable by tests. Types include qualitative, descriptive, and percentage scales. Advantages include supplementing other methods and providing progress updates, but difficulties include subjectivity and central tendency errors. In conclusion, observation and rating scales can be useful evaluation tools for teachers when used properly.
System approach
The document discusses the system approach to education. It defines the system approach as a method to design, organize, and improve learning situations. A system includes inputs, processes, outputs, and feedback. In education, inputs include students, teachers, curriculum, etc. and outputs are student performance. The system approach aims to standardize outputs, plan inputs and processes, and use feedback to improve the system. It can help improve instruction, activities, training, resource use, planning, evaluation, and guidance. Overall, the system approach aims to enhance the quality of education.
Action research
This document discusses action research and its importance for teacher education. Action research is defined as research conducted by practitioners to study problems scientifically and guide decisions and actions. It aims to improve the quality of teaching. Action research is important as it helps develop scientific thinking, solve educational problems, and improve the educational system. For teachers, action research can improve teaching methods, use of aids, discipline issues, and examinations. It also fosters a progressive outlook, mutual understanding, and a research mindset among teachers. Action research utilizes experiences to study problems and changes in natural school conditions. Overall, action research enhances teacher knowledge, skills, and professional development, so it should be part of teacher education programs.
Phonetic sounds
This document provides an overview of phonetics and the study of human speech sounds. It describes the organs involved in speech production and defines different types of speech sounds like vowels, consonants, diphthongs, and affricates. For each speech sound, it explains how it is articulated in the mouth and provides examples of English words that contain that sound. The document also compares the number of sounds in different languages like English and Cantonese. In less than 3 sentences, it comprehensively summarizes the key topics and concepts related to phonetics discussed in the long-form document.
The tale of custurd the dragon
Belinda lives in a little white house with various pets including a little black kitten named Ink, a little gray mouse named Blink, a little yellow dog named Mustard, and a cowardly dragon named Custard. One day, a pirate climbs in through the window with pistols and a cutlass, causing all the pets except Custard to flee in fear. However, Custard eats the pirate, saving the day. Afterwards, Custard admits that all the other pets are braver than him, despite Belinda's continued efforts to prove his bravery.
Daffodils
The poem describes the poet's experience coming across a large group of daffodils near a lake while on a walk through the countryside. He is struck by their vast numbers and the way they flutter in the breeze, appearing as if they are dancing. The sight of the daffodils had such an impact that later, when feeling low in spirits, the vision of the daffodils would flash in his mind and fill his heart with joy.
Speaking skills
This document provides information on developing strong speaking skills. It discusses six steps for successful speaking, including clarifying objectives and analyzing the audience. It also covers using body language, voice, and making eye contact when speaking. The document presents different methods for teaching speaking skills, such as imitation, phonetic, and subsidiary approaches. Overall, the document offers guidance on cultivating clear pronunciation, developing fluency, and using various activities to improve speaking abilities.
WHEN I SET OUT FOR LYONNESSE
The poet traveled a long hundred miles to the mythical land of Lyonnesse in winter. No one could predict what experiences he would have there. When he returned, his eyes shone with a rare happiness and magic that others silently noticed, as if he had gained a profound revelation during his journey.
duck and kangaroo
Edward Lear was an English artist, author, and poet born in 1812 in London. He showed a talent for drawing and painting from a young age. Lear is renowned for his poetry, prose, and limericks. One of his most famous poems is "The Duck and the Kangaroo," which tells the story of a Duck who asks the Kangaroo for a ride on its back so they can hop around the world together. The Kangaroo agrees but is concerned the Duck's feet will be cold, so they set off with the Duck balanced at the end of the Kangaroo's tail.
More from English planet (20)
Recently uploaded
Wound healing PPT
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...Nguyen Thanh Tu Collection
https://app.box.com/s/tacvl9ekroe9hqupdnjruiypvm9rdaneAdvanced Java[Extra Concepts, Not Difficult].docx
This is part 2 of my Java Learning Journey. This contains Hashing, ArrayList, LinkedList, Date and Time Classes, Calendar Class and more.
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh - RAYH...
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh
Chapter wise All Notes of First year Basic Civil Engineering.pptx
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Main Java[All of the Base Concepts}.docx
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...Nguyen Thanh Tu Collection
https://app.box.com/s/y977uz6bpd3af4qsebv7r9b7s21935vdWalmart Business+ and Spark Good for Nonprofits.pdf
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Ab...
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Aberdeen
Recently uploaded (20)
NEWSPAPERS - QUESTION 1 - REVISION POWERPOINT.pptx
NEWSPAPERS - QUESTION 1 - REVISION POWERPOINT.pptx
B. Ed Syllabus for babasaheb ambedkar education university.pdf
B. Ed Syllabus for babasaheb ambedkar education university.pdf
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh - RAYH...
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh - RAYH...
Liberal Approach to the Study of Indian Politics.pdf
Liberal Approach to the Study of Indian Politics.pdf
Chapter wise All Notes of First year Basic Civil Engineering.pptx
Chapter wise All Notes of First year Basic Civil Engineering.pptx
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
Walmart Business+ and Spark Good for Nonprofits.pdf
Walmart Business+ and Spark Good for Nonprofits.pdf
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Ab...
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Ab...
Economics factor of production
- 3. The purpose of the topic is to introduce some basic concepts relating to production
- 5. CONCEPT OF PRODUCTION Production is defined as the process of converting the input (raw material) into output. Production may be an activity that generate income.
- 7. LAND Land is that factor of production which is available to us as a free gift of nature. It not include not only the soil but also other free gift of nature ( like forest, water, natural resources etc.)
- 8. CHARACTERISTICS OF LAND Free gift of nature. Limited in supply. Differ in variety. Immobile. Passive factor of production. Alternative uses. Indestructible.
- 9. LABOUR Labour is the human factor of production and include all the physical and mental activities which are required in the process of factor of production.
- 10. CHARACTERISTICS OF LABOUR Human factor. Active factor. Cannot be separated from labourer. Perishable. Labourers sell his labour not himself. Difference in efficiency. Mobile. Weak bargaining power. More wages less work.
- 11. CAPITAL Capital is the stock of produced means of production.
- 12. CHARACTERISTICS OF CAPITAL Man made factor. Mobile and transferable. Depreciates. Passive factor of production.
- 14. HUMAN CAPITAL
- 17. Physical capital
- 18. What is production? What are the various factor of production? TEST YOUR ABILITY
- 19. HOME ASSIGNMENT How did the spread of electricity help farmers in agriculture? Discuss.