Factors Of Production
In essence, land, labor, capital and entrepreneurship encompass all of the inputs needed to produce a good or service. Land represents all natural resources, such as timber and gold, used in the production of a good. Labor is all of the work that laborers and workers perform at all levels of an organization, except for the entrepreneur. The entrepreneur is the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production. The entrepreneur also takes on all of the risks and rewards of the business. The capital is all of the tools and machinery used to produce a good or service.
Investment dictionary. Academic. 2012.
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Factors of production — In economics, factors of production means inputs and finished goods means output. Input determines the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input … Wikipedia
factors of production — The resources and inputs required for the *production of goods of economic *value. Famously defined by the economist Alfred Marshall (1842 1924) as the things necessary for making a commodity, the factors of production have traditionally been… … Auditor's dictionary
factors of production — The resources required to produce economic goods. They are land (including all natural resources), labour (including all human work and skill), capital (including all money, assets, machinery, raw materials, etc.), and entrepreneurial ability… … Accounting dictionary
factors of production — The resources required to produce economic goods. They are land (including all natural resources), labour (including all human work and skill), capital (including all money, assets, machinery, raw materials, etc. ), and entrepreneurial ability… … Big dictionary of business and management
factors of production — means used in the manufacturing of merchandise and the providing of services (land, labor, capital, management, etc.) … English contemporary dictionary
factors of production — /ˌfæktəz əv prə dʌkʃən/ plural noun the three things needed to produce a product (land, labour and capital) … Dictionary of banking and finance
production, theory of — ▪ economics Introduction in economics, an effort to explain the principles by which a business firm decides how much of each commodity that it sells (its “outputs” or “products”) it will produce, and how much of each kind of labour, raw… … Universalium
Production theory basics — In microeconomics, Production is simply the conversion of inputs into outputs. It is an economic process that uses resources to create a commodity that is suitable for exchange. This can include manufacturing, storing, shipping, and packaging.… … Wikipedia
Production–possibility frontier — In economics, a production–possibility frontier (PPF), sometimes called a production–possibility curve or product transformation curve, is a graph that compares the production rates of two commodities that use the same fixed total of the factors… … Wikipedia
production system — ▪ industrial engineering Introduction any of the methods used in industry to create goods and services from various resources. Underlying principles All production systems, when viewed at the most abstract level, might be said to be… … Universalium