4 fundamental factors of economics

1. Presentation topic-

4. Production is a process of combining various material inputs
and immaterial inputs (plans, know-how) in order to make
something for consumption (the output). It is the act of
creating output a good service which has value and
contributes to the utility of individuals.

5. Land stands for all nature, living and lifeless. It includes all
natural resources that human being get free from air, water
and land. In short, the terms ‘land’ refers all that nature has
created on the earth, above the earth and below the earth’s
surface.

9. The labour supply is the total hours (adjusted for intensity
of effort) that workers wish to work at a given real wage
rate.
Labour Supply=No. of workers x no. of working hours per
worker
:
 Size of population
 Size of working population
 No. of working hours

10. : When making of an article is
split of into several process and each process is entrusted to
a separate set of workers is called Division of Labour .

12. Capital has been as that part of person’s wealth, other
than land, which yields an income or which aids in the
production of further wealth.

13.  Essential for Production:
 Increases Productivity
 Importance in Economic Development:
 Creating Employment Opportunities
 Production without capital is beyond
imagine

14.  Creation of savings
 Mobilization of savings
 Investment of savings into real capital

16. Savings must be invested to be transferred into real capital .
For that ,there must be a good number of and dynamic entrepreneurs who are
able to take risks and bears uncertainly of production

17. GOOD
CAPITAL
GOOD INVESTMENT
GOOD
INCOME
GOOD
PRODUCTION
DECREASE
PROVERTY
GOOD DEMAND

18. Entrepreneurship is the process of designing, launching and
running a new business, which is more often than not,
initially a small business , offering a product, process or
service for sale or hire. The people who create these
businesses are called entrepreneurs.

19. References:
 www.wikipedia.org
 www.google.com
 Modern Economic Theory-K.K.Dewett
 Modern Microeconomics-H. L.Ahuja