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    Thread: what are the factors of production?

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      Default what are the factors of production?

      several factors would be required to make production possible. what are these factors?


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      Default Factors of production

      Quote Originally Posted by forexguy9 View Post
      several factors would be required to make production possible. what are these factors?
      Factors of production in business or entrepreneurship can also be referred to as agents of production. The factors are;
      a. Land- this include all the natural resources available that can be harnessed for business purpose which could be land, sea, ocean etc because they came into existence without the application of any human effort
      b. Labour-this is purely human effort which could be skilled and unskilled
      c. Capital-this is putting finance into consideration for the business. This can still be considered as a factor in the category of human effort
      d. Entrepreneur- This is about the personality that coordinates all the factors mentioned in terms of skills, intelligence and whatsoever is required to make the business a success


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      Default

      There are about four factors are the most important factors for the production such as :

      1- Land : it is the natural resources which we have it and the producers must manage land and its resources carefully and it divided to two types of resources :
      - Natural Resources : such as soil, terrain, fresh water, vegetable and animal condition .
      - Environment resources : the owned lands which have good value , the longer term sustainability of using the land by human population, educational and research value .... etc .

      2- Labuor : Labors are people who help in the production because we can't produce any thing without the people who have good skills beside good education can make them producing good output from their help in the production and other labors .

      3- Capital : it is a very important factor because by the capital we can invest the money in every thing for increasing the productivity beside giving good income to labour for encouraging them on increasing the productivity and in increasing their performance in the work so the capital is one of the most important factor on the production also this capital beside the capital of goods and buildings and the other things .

      4- Entrepreneur : it is an important factor because it combine between the other factors of production land, Labour and capital and it help in producing new ways for production and new ways for making new products for increasing the profitability .
      -


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      Default

      Factors of production are what is used to forms a production chain! In production of goods and services.
      And there are only 4 production factors

      Labour : labour is all about the human input in the production process, it can be. Mental input or physical input, and the quality/the work force of the labour's the best quality the result of the production will be. The labour's means of payment is wages

      Capital : this has only a simple meaning which is money! Money is the most important thing when it comes to production, infact without money all other factor will be of no use.

      Entrepreneur: am entrepreneur is the mastermind behind everything, and it's the person that brings every other factors together and works. The entrepreneur doesn't have do anything because they are the boss, they just have to observe
      The gain of the entrepreneur is called profit.

      Land/natural resources :infact land on it own is a natural resource and. Without land there is no way production can take place.
      And natural resources can also include water, oil etc


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