Factors of Production

[IamDozzy]

Factors of production are the resources one should have in order to ensure that a production target is met. There are four factors of production which are I am going to be explaining. When these factors of production are in place, there is an assurance that production would take place in order to bring about sales. Some of these factors of production include;

1. Land or Production space
Land or Production space is a space or an enclosement where production or any economic activity can take place. It's reward is rent.

2. Labour
For production or economic activities to take place, there has to be employees that would carry out this production or economic activity and it's reward is salary or wages.

3. Capital
For a business owner or an organization to start production or an economic activity, there has to be capital in place to carry out day to day activities on the organization or to purchase the needed equipment. It's reward is interest

4. Entrepreneur
This is the business owner or manager of the economic activity. Without the entrepreneur, production cannot take place as it is the entepreneur that is with the business idea with profit as his/her reward.

 

[MarieArie]

@IamDozzy, in addition to the factors of production you talked about as land or production space, labour, capital, and entrepreneur, I would like to emphasize the power of all these arms working together to harnessing the production power of one another. This is, in some senses, called teamwork. When one sector's performance is poor, it will affect the production result of the other. One has to employ employees who can stand in for one another.

 

[Deleted member 28873]

The factors of production are land,labour,capital,entrepreneur as u ve measured above.Before production could take place completely this factors must be met and made available .entrepreneur consist of good managerial skills, often times it the one that controls the whole process.The reward for land is rent,while that of labour is wages,salary, depending on the time period you did the work.The reward of capital is interest is the first thing one gats to have when thinking of establishing a business. The reward for entrepreneur is profit.every entrepreneur looks to make a great percentage of profits on his or her investment.

 

[Mataracy]

The word production means a way of converting of raw-material in to the finishing goods or product.
The factor that production require are: Capital:Before one can start a business one need capital because after making research the most important things to do is getting capital.
Second: Land: One need the place where the company will be situated where customers can easily locate the company.
Third,Labour: This are the people that will be working for the success of the company to be attain.This stage involved both skill and the unskilled labour.
Entrepreneur: This is the system of one man business. This is also talking about the owner of the business.

 

[Olajidey]

I can remember this as a topic in my school day both in Agriculture and economics, we are taught that there are four factors of production which is land, labour, capital and entrepreneur, the reward for the land is rent while the reward for labour is wages or salary, the reward for capital is interest and the reward for an entrepreneur is profit or loss.

 

[TOZZIBLINKZ]

Factors of production are the resources people use to produce goods and services,they are also the building blocks of the economy, economist divide the factors of production into four categories which are;land, labor, capital and entrepreneurship.

 

[btaliat]

Your write up makes me remember the subject called economics. It is until I grow up that I start appreciating the influence of some of these subjects. Out of these factors of production, capital is the most important factor. No business can start except there is capital. And this capital is what delays most people that want to start business.

 

[Mellorando]

Factors of production has already listed land, capital, labour, and enterpreneur refers to those essential factors the person you need to produce goods and services for members of the public to consume factors of production are essential to each other and you can't need one without needing the others they working hand-in-hand with each other