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Bsc agri 2 pae u-2.2 factors of production

Factors of production

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FACTORS OF PRODUCTION
BSC AGRI 2
PAE
UNIT 2
Factors of production
• Resources used for production
• Types:
– Land
– Capital
– Labour
– Entreprenuership
Land
• Natural resources
• Characteristics
– A gift of nature
– Limited in supply
– Land is immovable
– The supply of land involves no opportunity cost
Capital
• Man-made resources used for further
production
• Examples: machines, raw materials, tools
• Features:
– Man made
– It raises the productivity of other factors
Land or Capital?
• Ice at Mount Everest
• Ice in a skiing field
• Sea water
• Sea water in a seafood restaurant
• Sharks in the Atlantic Ocean
• Sharks at the Ocean Park
Human Resources
• Labour
• Entreprenuership

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Bsc agri 2 pae u-2.2 factors of production

  • 1. FACTORS OF PRODUCTION BSC AGRI 2 PAE UNIT 2
  • 2. Factors of production • Resources used for production • Types: – Land – Capital – Labour – Entreprenuership
  • 3. Land • Natural resources • Characteristics – A gift of nature – Limited in supply – Land is immovable – The supply of land involves no opportunity cost
  • 4. Capital • Man-made resources used for further production • Examples: machines, raw materials, tools • Features: – Man made – It raises the productivity of other factors
  • 5. Land or Capital? • Ice at Mount Everest • Ice in a skiing field • Sea water • Sea water in a seafood restaurant • Sharks in the Atlantic Ocean • Sharks at the Ocean Park
  • 7. Labour Supply • Measured in terms of time (man hour) • Labour supply = no. of workers x no. of working hours per worker
  • 8. Labour Supply • Measured in terms of time (man hour) • Labour supply = no. of workers x no. of working hours per worker • Factors affecting labour supply: – Size of population – Size of working population – No. of working hours
  • 9. How to increase labour supply? –  population growth (by natural growth or immigration) –  monetary rewards –  import of labour from other countries –  retirement age (e.g. from 60 to 70) –  school leaving age (e.g. from 16 to 17)
  • 10. Labour productivity • Measured in terms of output per unit of labour Average labour productivity = average output per man hour June 2005 Firm A Firm B Number of working hours per worker 240 180 Units of output 7200 6400 Average labour productivity 30 35.6 Firm B has a higher labour productivity than firm A
  • 11. How to raise labour productivity? • Better education and training • Other factors of production( quantity & quality) • Better management or organization. e.g. division of labour • Better working conditions • Greater fringe benefits (housing allowances,medical care,bonus, meal..)
  • 12. Mobility of Labour • Geographical mobility: the ease at which labour can move from one working place to another. • Occupational mobility: the ease at which labour can change from one type of job to another
  • 13. Factors affecting occupational mobility • Monetary / non-monetary rewards •  income of the present job (higher opportunity cost in changing job) mobility  • Specialization of skills   mobility  • Licensing requirements   mobility  • Higher age of workers  mobility 
  • 14. Factors affecting geographical mobility of labour • Transport • Social factors • Economic conditions ( home country/other countries) • Political stability • Immigration or emigration restrictions
  • 15. Factor returns • Rent • Interest • Wage • Profits
  • 16. Source • 1. Elementary economic theory - K.K. Dewett and J.D. Verma • 2. International Economics - B. Mishra • 3. Fundamentals of Agricultural Economics - A.N. Sadhu and A. Singh • 4. Economics - Paul A. Samelson and W.D. Nordhans (Pearson Publications) • dept.mst.edu.hk/economics/Factors%20of%2 0production.ppt