Quality and Quantity of Factors of Production
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The quality and quantity of factors of production can be influenced by various economic and social factors. The quality of labor and capital can increase through better education, training, experience, and healthcare. The quantity of labor depends on population size, age structure, retirement age, and attitudes towards women working. It also depends on the number of hours worked, which is influenced by the length of the average work day and time lost to holidays and sickness. The quantity of capital depends on investment levels and tends to increase over time through spending on capital goods minus depreciation. While the amount of land does not change much, its quality can be increased through fertilizers and other methods.
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There are four key factors that influence a country's economic growth: 1) investment in human capital through education and training, 2) investment in capital goods like machinery and technology, 3) availability of natural resources, and 4) entrepreneurship. A country's gross domestic product, which measures the total value of goods and services produced, is used to determine its economic growth and standard of living.
Factorsofproduction 111018195637-phpapp02[1]
This document discusses the four factors of production that influence economic growth: investment in human capital, investment in capital goods, natural resources, and entrepreneurship. It explains that the presence or absence of these four factors determine a country's gross domestic product. Nations that invest in education and training will have a more productive workforce that can boost technological advances and GDP. Economic growth is measured by increases in GDP over time and is influenced by a country's resources and investments in physical and human capital.
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Quality and Quantity of Factors of Production
- 1. Quality and Quantity of Factors of Production Mudassir Raza
- 2. The Quality of Enterprise The quality of enterprise can be improved if entrepreneurs receive better education, better training, better healthcare and gain more experience.
- 3. The Quantity of Enterprise The Quantity of enterprise will increase if there are more entrepreneurs . A good education system including university degree courses in economics and business studies, may help to develop entrepreneurs in an economy.
- 4. The Quantity of labour The quantity of labour is influenced by two key factors, one is the number of workers available and second is the number of hour for which they work. The size of the population The age structure of the population The retirement age. The school leaving age. Attitude to working women. The number of available workers determined by:
- 5. The Quantity of labour Labour force: People in work and those actively seeking work. Productivity: The output per factor of production in an hour. Labour productivity: Output per worker hour. Output: Goods and services produced by the factors of production.
- 6. The Quantity of labour The length of the average working day Whether they work full or part time. The duration of overtime The length of holidays taken by workers The amount of time lost through sickness and illness. The number of hours which people work is influenced by (among the factors).
- 7. The Quality of labour The quality of labour can be improved as a result of better education, better training, more experience and better healthcare.
- 8. The Quality of Capital Advances in technology enable capital goods to produce a higher output and a better quality output.
- 9. The Quantity of Capital The quantity of capital is influenced by investment and tend to increase with time. Investment: Spending on capital goods. Gross Investment: Total Spending on capital goods. Depreciation: The value of capital goods that have worn out or become obsolete. Net Investment: Gross investment minus depreciation. Negative net investment: A reduction in the number of capital goods caused by some obsolete and worn out capital goods not being replaced.
- 10. The Quantity of Land The amount of physical land in existence does not change much with time.
- 11. The Quality of Land There are a number of reasons why the the quality of natural resources may increase. Fertilizers can be applied to fields to increase the fertlity of the land.
- 12. Thank You