Factors of production, Microeconomics

Factors of Production

Factors of production are the resources that are utilized to manufacture goods and services:

1. Natural resources:

The things developed by acts of nature like water, land, mineral, oil and gas deposits, nonrenewable and renewable resources.

2. Labor:

The human effort either physical or mental, utilized by workers in the manufacturing of goods and services.

3. Physical capital.

All the buildings, machines, equipment, roads and other objects created by human beings to manufacture goods and services.

4. Human capital:

The knowledge and skills taken by a worker by education and experience.

5. Entrepreneurship:

The effort to combine the manufacturing and sale of goods and services. Entrepreneurs take risk and commit money and time to a business without any assurance of profit.

Posted Date: 7/24/2012 7:02:51 AM | Location : United States







Related Discussions:- Factors of production, Assignment Help, Ask Question on Factors of production, Get Answer, Expert's Help, Factors of production Discussions

Write discussion on Factors of production
Your posts are moderated
Related Questions
Relation between TP and MP: Graphically, given the total product curve, MP is the slope of the tangent at any point on the TP curve. This is shown in Figure.  See that

I have an assignment need to be done

Fixed costs are those which are independent of output that is they do not change with changes in output. These costs are a fixed amount which must be incurred by a firm in the shor

ELEMENTARY THEORY OF PRICE FORMATION: DEMAND-SUPPLY ANALYSIS: We discuss the elementary theory of price formation. Demand curve in the market is derived from the aggregate con

WHAT ARE THE PRACTICAL IMPORTANCE OF INCOME ELASTICITY OF DEMAND?


I need to find recent disney cruise stories and what microeconomic theory it is and what they should do. for example renovating a ship why did they and what theory would that be?

Nations trade what they produce in excess of their own consumption to:

Q. Explain about Employment Rate? Employment Rate: This measures share of working age adults who are in fact employed in a paying position. Employment rate can be a better in

assignment of demand thorey