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    Thread: what are the factors of production?

    1. #11
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      Default Re: what are the factors of production?

      There are essential four factors of production and the entrepreneur, the labour, land and of course the capital requirements, these are the main things that anyone needs to set a business, let's take a critical analysis of this factors of production in the Forex market, the labour is the process of learning about the business, at this stage, what the Forex trader need is practice, this is time consuming, that is where the labour element of the factors of production comes into action, the capital is very important too because that is what will be required once the labour aspect has been satisfied. Factors of production is a requirement for all businesses.


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    3. #12
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      Default Re: what are the factors of production?

      A production is built on four major factors which are

      land: land refers to all natural resources which are free gifts of nature. Land, therefore, includes all gifts of nature available to mankind which can be used for production of goods.

      labour: labour is the physical work or effort of the people on the production process. This can include, person operating production machines etc

      Entrepreneur: entrepreneurs is the brain behind the production or a business, they brought all other factors of production together to achieve a goal.

      Capital: this is the money used in financing the production, from payment of wages, to purchasing of materials.


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    5. #13
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      Default Re: what are the factors of production?

      Factors of production can be defined as all the resources needed in production of goods and services , it also be seen as require inputs in production of goods and services . The out put of production(goods and services) depends on quantity and quality of input ( Factors of production). There are different opinions in number of factors of production. some school of thought argue that there are four while some believe that they are seven. But for me , there are four which include as thus:
      Land- this include all the natural resources needed for production of goods and services.
      Capital. this is man made resource that involve in production, it is generally seen as money for payment of labor
      Labor. this entail human resources
      Enterprise /entrepreneur- this include management that organize all other factors.


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      Default Re: what are the factors of production?

      The factors of production are basically categorized into four sub heading, from what I have known about the forex market, we don't even need everything to be established in this market, take land that is one of the factors of production as examples, you don't need to start saving up for money that you need to buy a plot of land and start trading, forex is a lot cheaper and better than this, you don't even need am office because it can be operated from the comfort of your home.

      CCapital and the entrepreneur is easy, labour is needed, the factors of production according to my understanding means that a manufacturing company is the best that would find this useful.


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      Default Re: what are the factors of production?

      Factors of production are the prerequisites for production. They are what must be on ground before production can take place. There are four basic factors of production in economics. They are land, labor, capital and entrepreneur. Land is the first factor to be put in place before production can take place. In fact all other factors of production relies on land in order for production to take place. Labour is also needed in order for production to take place. It is needed because without labor there cannot be the manpower that will do the work. Capital is also needed because it is the resources that will be used to purchase all the needed instruments and machinations for production. Lastly, entrepreneurship is needed because it involves the ability and capacity of persons who make sure that things are getting done.


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      Default Re: what are the factors of production?

      The factors of production are land, labour, capital and entrepreneur, when these things are put onto place then a production process can take place without any hitches, but when someone that wants to start a business does not have one of these, it will be impossible to have a good business that will be operational, let's take for example when there are land, capital and the entrepreneur and there is no labour, it means that you will not have capacity to produce what you started the business for, all that factors of production should be planned for before you can have a complete starter pack for a business to kick off properly.


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    11. #17
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      Default Re: what are the factors of production?

      Production factors are an economic term which describes the inputs used to produce goods or services for economic profit. They contain every resource required to create a good or service. Production factors include land, labour, capital and enterprise. Management, machinery, materials and labor and knowledge ha are also known for these factors.The modern definition of production factors is mainly based on a neoclassical economic view. It combines past approaches to economic theory, such as the idea of work as a factor of socialism production, into a single definition.


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      Default Re: what are the factors of production?

      The entrepreneur is the most important factor of production because he is the chief organiser that will ensure that all other factors of production are utilised properly, without the entrepreneurs then the capital will be useless because a vehicle that does not have a driver is just a piece of equipment that is worthless, when we are discussing about the factors of production, we should understand that each business is unique, anything that is done in the Internet might require a different style, I also believe that it is time for a review of the factors that make up the production process to reflect the reality of this new technological age that we have found ourselves.
      Divergence: How I trade it


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