Factors of production

[Robust]

Factors of production are as follows: innovative nature capital to start, land, machinery facilitiate and good infrastructure.

 

[Trexxxy]

I think the factors of production are actually more than the traditional ones you listed here. There are lots of other factors to consider as well.

 

[Ralphjoe]

This topic reminds me of our Economics subject in high school. The pillar of the economy is the land, labor, and capital for the business. Those 3 elements are the requirement. Land means the location of the business so maybe now with the online businesses the land is not that material anymore. However, with regards to production particularly of a factory or farm the land is still very important.

It's not just you, this topic also quite reminded me of the commerce subject in my secondary school days and I can say that it gives me a kind of a deja vu feeling reading this topic. All the factors of productions are mostly required before any productive work can be done.

 

[Setho]

It would be a very valuable knowledge to know about the factors of production before you start any business as it allows you details of how the work is being done.

 

[akinlolu99]

Work is the person who produces labor and products. While business visionary uses any remaining elements of creation to procure a benefit. I don't figure the two can remain at the same spot. They have various jobs.

 

[Lens]

It's very possible for labourers to become an entrepreneur. Rome was not built in day, most entrepreneurs are once labourer and they planned, with perseverance and hardworking. I will like to reiterate that a labourers can not take the place of the entrepreneur

 

[Senator]

It is obviously clear that labour cannot take the place of th entrepreneur since it is the entrepreneur that employees th labour and not the labour entrepreneur.

 

[Bousine123]

I think you are quit correct there because entrepreneurs are the leaders of innovation and they make things work when it comes to production.

 

[Jlife]

I believe all those things are not really necessary because it will not have vany impact in the life of a company, most companies should focus on establishing and getting their business to the society for maximum petronage

 

[Alexandoy]

It is obviously clear that labour cannot take the place of th entrepreneur since it is the entrepreneur that employees th labour and not the labour entrepreneur.

The laborers do the work while the entrepreneur goes the supervision and management aside from providing the capital. They are the combination in the business. Without labor the business will not function.

 

[Mayox25]

Well the entrepreneur can equally be part of the labour when he switches role maybe because of not having money to pay for labour but in any case the entrepreneur is performing a dual role.

 

[Bookwormlux1]

There needs to be an enterpreneur first before even the idea of labor comes into place. It is those who are willing to succeed that will succeed in Enterpreneurship.

 

[Kingstone]

Labour and entrepreneurs are two different things. The activities to be the carried out by the labour are enforced by entrepreneurs. Without an entrepreneur, I don't think labour can exist.

 

[joy101]

We all know that all factors are important in production and also help to produce products too, because every factors has their own roles to play I believe that.

 

[Thinker009]

Labour is actually different from entrepreneur , entrepreneur is actually more like controlling other factors of productions and labour is part to make business more effective

 

[Alexandoy]

We all know that all factors are important in production and also help to produce products too, because every factors has their own roles to play I believe that.

That is correct that the factors or elements of production have their own roles. That can include the place of work. The equipment and tools plus the materials are salient factors.

 

[Alisco]

As the name imply factors of production you can do business with the factors of production no.1 you think about the capital to used and start business
2 .the land where the business will be situated
3 labour the put the land and the capital together for intended purpose
4 entrepreneur that oversee and organize the business affair.

 

[Richard92]

No it can't replace it . Every factors of production have their own role to play when production is been done. Each and everyone cant replace each other. Entrepreneur see to the overall management of all the factors of production. And labor serves as the working force that helps to produce product.

The about four factors of production which involve land labour capital and the entrepreneur with this four factors of production you can be able to achieve a good output.

 

[Ghost1]

The factors of production are the constituents of production
Without them production cannot take place. The factors of production are as follows:
Land. It means a place where production takes place
Labour
Capital and
Entrepreneur
Can labour stay in place of entrepreneur?

Yeah. I believe so. Some entrepreneurs are responsible for their business so they could be classified as labour. And without entrepreneur no business

 

[Yhubee]

No,
The entrepreneur in fact requires labor for better production.The labor is required for production too.It involves the people who work to bring about production.The Entrepreneur can only stand in place of labor if he's working solely with no employees.