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    Thread: what are the factors of production?

    1. #21
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      The factors of production are those factors that production of goods revolve around. They are the soul of production without them production cannot take place. These factors of production are as follow:
      1. LAND: this talks about the space where the factory is sited. It also refers to the source of raw materials used in production. Land here also talks about embodiment of water like river, sea, ocean etc
      CAPITAL: this has to do with money or mineral resources that be use in further production of other products. Raw materials are regarded as capital here.
      LABOUR: this is talking about the manpower that will put the raw materials to use to make a finished product.
      ENTREPRENEUR: this is the organiser. The entrepreneur organises other factors of production, land, labour and capital. According to many people, this is the most important factor of production. If this area of production fails all other factors will definitely fail is just a matter of time.


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    3. #22
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      Factors of production otherwise known as agents of production are categorically four in number, namely, Land, Labour, Capital, Entrepreneur.
      1. Land: This is the natural resources of production and the place in which production would take place. The office, shop or industry or as the case maybe would have to be established in a place. This could include; natural resources and environmental resources.
      2. Labour: These are the people that are working for production, the work force who make proper use of the land resources. These are usually skilled people.
      3. Capital: Production requires money, as many things would have to be bought.
      4. Entrepreneur: A very important factor of production, it combines and regulates all other factors of production for good.


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      Factors of production, term used by economists to denote the economic resources, both human and other, which, if properly utilized, will bring about a flow or output of goods and services. The four factors of production are land, labor, capital, and entrepreneurship. They are the inputs needed for supply. They produce all the goods and services in an economy. That's measured by gross domestic product. The foundation of an economy is built on these four factors of production where these four are not available there we can bring the best output. More recently, human capital — the knowledge and skills that make workers productive — has been considered a fourth factor of production.


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      The factors if production are all the inputs or resources that are used in the production of goods and services.

      There are four categories of resources, or factors of production which are namely below :
      land: which are known to he natural resources which are describe as a gift from God, the land consist of other resources like, crude oil, gold etc.

      Labor : this is known to be the human capital, the people that works in a production

      Capital: this is meant to purchase machinery, factories, equipment, etc and it's also use to pay the labour their wages.

      Entrepreneurship: is the brain behind the factors of production.


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    8. #25
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      Production is the first step to run a productive business. but to make production there are so many things are involved. If we can best use of this things then from this production we can make good earning and get success. in bellow I am telling the factor of the production by which one can get success here.

      - Planning is so much important before going to production. It helps to make good production.
      - To produce some things one need good materials. If we can gather it then good production is possible.
      - Labor cost is most essential in production business. if we can make this cost low then production cost become less.
      - Capital is the key factor in production. If we can maintain standard capital for production then we can get good result from here.


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      "Factors of production" are terms economist used in describing elements that contribute to the process of creation of goods for the purpose of economic profit.

      These factors include:

      1. Entrepreneurship: This factor is the origin of the whole production process as it deals with the person (entrepreneur) who undertakes the risks in production. In most cases he is the owner of the business and he employees and organise other factors of production in other to get profit.
      2. Land: This factor has to deal with all the natural resources that contribute to the production process. Examples are water, soil, air, etc.
      3. Capital: This element of production deals with all man- made product purchased with money that aid in the production process. Examples are hammer, cars, tractors, chair, etc.
      4. Labour: This element deals with all effort of put in my men or women into the production process. It could be physical effort (skills input) or mental effort (education).


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