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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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      Default Re: what are the factors of production?

      Quote Originally Posted by forexguy9 View Post
      what are the factors of production?
      There are mainly four factors of production that influence the productivity. These are: land, labor, capital and entrepreneur. These are describe below:

      1. Land:
      Land is the main element for production. Now land factor becomes very vital because the cost of land is very high. Most of the money spend through buying land. The upper and lower of your land is your asset. Upper site is tree or building and lower site is natural wealth.

      2. Labor:
      Labor is the key element in production. If you hire labor with cheap rate then you can get success in production. Mainly that's why in our country garments industry becomes so popular. Here, labor cost is very low. As a result buyer can buy product with a cheap rate.

      3. Capital:
      There has a favorite quite that money brings money in business. If your capital is low then you have to do hard work to survive in the competitive market. Productivity is highly depends on capital. So you should always try to increase your capital.

      4. Entrepreneur:
      Production depends on how effective will be the entrepreneur. If he/she works outstanding then production will be increased automatically. He/she should ensure job security of the workers. If any worker feel high security then he will give high level effort in his work. As a result productivity will be increased automatically.

      These are the factors of production.


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      Default Re: what are the factors of production?

      Factors of production or inputs are what is used in the production process to produce output which is finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. The factors of production are the building blocks of every economy. Factors of production can basically be categorise into four and they are :

      1. Land : This refers to all the natural resources. It comprises things found in man's natural environment which can be used in producing goods and services. Examples are climate, vegetation, mineral deposit, e.t.c. The reward for land is rent.

      2. Labour : This refers to human efforts both mental and physical directed towards the production of goods and services. The reward for labour is wages or salaries.

      3. Capital : This refers to all man-made productive assets used to further production. These productive assets are not wanted for their own sake but because they help to produce other commodities. Capital can be classified into two
      a. Capital good This consists of tools and materials such as equipment, buildings, means of transport and raw materials in the process of manufacture and inventory for sale.
      b. Capital fund This refers to money or cash that is available for investment in the business enterprise. It could be in form of shares, stock, loan, debentures, e.t.c.

      4. Entrepreneurship : The entrepreneur identifies the business opportunity and organizes all other factors mentioned above for the business. The entrepreneur takes the risk of success or failure of the business venture. The reward for entrepreneurship is profit.


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      Default Re: what are the factors of production?

      In the business sphere, It is quite important that an investor makes a very conscious effort to make sure that theyplan well and find out all that they need in order to start off a business, This is important to save such a business from unnecessary losses and unnecessary demise. Factors of production can be explained as an economic term that describes the inputs that is required in the production of goods or services in order to make an economic profit for the business involved. Factors of prioduction includes any resource needed for the creation of a good or service. These production factors are also known as management, machines, materials and labor, and knowledge needed has also been added recently as a potential new factor of production.

      The factors of production include :

      Land.
      Labor.
      Capital.
      Entrepreneurship.


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      Default Re: what are the factors of production?

      In economics, factors of production,are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are three basic resources or factors of production: land , labor , and capital . The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".
      There are two types of factors: primary and
      secondary . The previously mentioned primary factors are land , labor (the ability to work), and capital goods . Materials and energy are considered secondary factors in classical economics because they are obtained from land, labor, and capital. The primary factors facilitate production but neither becomes part of the product (as with raw materials ) nor becomes significantly transformed by the production process (as with fuel used to power machinery). Land includes not only the site of production but also natural resources above or below the soil. Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labor. Entrepreneurship is also sometimes considered a factor of production. Sometimes the overall state of technology is described as a factor of production. The number and definition of factors vary, depending on theoretical aspects.


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      Default Re: what are the factors of production?

      Factors of Production can be defined as things or the factors that are considered in the making process to produce result(output), which are the final and the determined goods and services of a particular business or a project. There are two major types of productivity factor. They are "the primary" and "the secondary" factors. The primary factor consists of labour, land, and the capital. The land and the Labour factors are labeled as the physical ability to work on the project. While the secondary means of production comprises "the material" and "the energy" needed for the project. These factors are considered secondary factors because they are obtained from capital, land, and labor, whose sources are from the primary factors of production.


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      Default Re: what are the factors of production?

      There are various definitions of production, including that the production is the conversion of raw materials, and the passage of several stages of work to finally get the product of the process of transformation, namely goods, services and production is one of the oldest means known to mankind that have been associated with different professions such as agriculture On which humanity has relied since ancient times, in order to meet the nutritional needs of mankind
      Production consists of a group of important elements, most notably
      - The first element (work) .. is the effort made by the human element in order to convert raw materials into products
      - The second element (capital) .. Capital is not limited to money only, but also includes all the elements that support the production process such as machinery and means necessary for the process of production.
      - The third element Nature (land ) .. Land is one of the most important elements of production and know nature as it is the resources and forces obtained by man without effort, including with mines and forests.
      - The fourth element (management) .. Management is an important element in the process of production as it improves the exploitation of all elements in a manner that achieves the desired goals and the management of supervision of these elements to ensure the quality of production and also need to have a manager has a mentality is able to employ elements of production in a proper manner, In order to benefit from them in a way that achieves the objectives of the establishment and satisfies the desires of consumers


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