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Mar 5, 2024 · The factors of production are an important economic concept outlining the elements needed to produce a good or service for sale. They are commonly broken down into four elements: land,...
- Jason Fernando
- 2 min
This transcript discusses the four factors of production: land, labor, capital, and entrepreneurship. Land refers to natural resources, while labor is the work that goes into production. Capital is the tools and buildings used to produce things, and entrepreneurship is the know-how of putting it all together.
- 6 min
- Entrepeneurship is knowledge. Labor is work effort. If I tell someone working in my bakery to add flour to a bowl, that is labor. But me knowing ho...
- I would add to Lauren's excellent answer that neither land nor capital produce labor. Also, when you get to more advanced economic courses, you int...
- The main idea of this video is that in order to have outputs, you need to have inputs. In other words, in order to make something there are several...
- Money refers to coins, notes and checks etc. Factors of production are the inputs used to produce a good or service. If you are a baker, to bake a...
- if the car is indeed personal, as in not involved in the company it's none of the 4 categories. On the other hand if the car is used by the company...
- yes, if for example you want to start a bank
- A free resource is a resource that is easy to obtain, like air, by anyone. It is a natural resource that is in large supply. Also, it does not cost...
- Yes, exactly, it depends on the context in which it is used.
- I guess machinery would come under capital while labour can be human labour or human investment
Jun 7, 2021 · There are four factors of production which are land, labour, capital and enterprise. Economists consider labour as the human effort provided by employees. Land. All natural resources used in producing goods and services are called land. Land does not mean a piece of land only.
- Unit or Job type of production. This type of production is most commonly observed when you produce one single unit of a product. A typical example of the same will be tailored outfits which are made just for you or a cake which is made just like you want it.
- Batch type of Production. It is one of the types of production most commonly used in consumer durables, FMCG or other such industries where there are large variety of products with variable demands.
- Mass Production or Flow production. One of the best examples of mass production is the manufacturing process adopted by Ford. Mass production is also known as flow production or assembly line production.
- Continuous production or Process production. There is a lot of confusion between mass production and continuous production. It can be differentiated by a single element.
The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise).
Dec 13, 2022 · The four factors of production are land, labor, capital, and entrepreneurship. These elements are used to create goods and services, and their value is essential to economies.
Nov 21, 2023 · The four main factors of production are land, or the physical space and natural resources, labor, or the workers, capital, or the money and equipment, and entrepreneurship, or the ideas and...
