Factors of production

[digital95]

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?

Factors of production are actually two separate concepts: physical and intellectual.

In physical production, the manufacturer produces commodities. In intellectual production, the product of the worker consists of intellectual content. In physical production, the order of production is determined by the proximity of inputs. In intellectual production, the order of production is determined by

 

[Nsisong]

The factors of reduction include capital, land, labour, and also availability of tools for production. An entrepreneur is also the labourer so enterprepreneur can replace labour because he performs the work himself unless he pays for the labour service of another person

 

[Stnicholaz]

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?

Entrepreneur controls other factors of production. Meaning entrepreneurs controls labour. He or she hire and fire labour or determines the type of labour and salary or wages to be paid to labour.

 

[Toyoabasi]

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?

Labour, land, capital and entrepreneur are factors of production. Yes!
Labour can't take the place of an entrepreneur, the entrepreneur task is to control all other factors toward production.

 

[Kubiat-Abasi]

Labour is actually divided into two which comprises of both the skilled and unskilled labour so I don't think that enterpreneur can completely take the position of labour.

 

[Kvngsammy]

Labour cannot replace entrepreneurs. Remember we were taught that labour is to coordinate all other factors of production and ensure things go smoothly.
Now who controls the labour force because there can't be two or more captains in a ship - someone has to control the activities of labour too and that's where the function of the entrepreneur comes in.

 

[eLdavis]

Labour is actually divided into two which comprises of both the skilled and unskilled labour so I don't think that enterpreneur can completely take the position of labour.

Well said, entrepreneur has it's own role to play amongst other factors of production. In our economy today, between skilled and unskilled labourers, which do you think we have more?

 

[Good-Person]

I believe that you can also count labour as the main factor of production because they are a very important part of manufacturing business and they are the ones who prepare our products by working hard in the factory.

 

[Suba]

In simple language, the factors of production are all the resources needed during the production process. Such as: 1. Natural resources. 2. Capital is not just money but includes factory buildings, production equipment, etc. 3. Human Resources or Workers. 4. Entrepreneurship or Managerial including production techniques, systems, planning, control etc. 5. Information Resources. Currently, information is needed to find out the needs and desires of consumers either through surveys, or interviews etc.

 

[YERUS]

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?

No, labour is different from entrepreneur.
The factors of production are land, labour, capital and entrepreneur. It is the entrepreneur that controls all other factors.
Depending on the business, labour can be human (skilled or unskilled) or mechanised.
So, labour cannot take the place of an entrepreneur.

 

[Kane]

These days machines play a very important in production. IN fact using machines in the production reduces the production cost, when you have low production cost, you earn higher profits.

 

[akinlolu99]

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

 

[Abigael]

Those are truly the factors needed in production. Without them, production can rarely take place. So it is best when you have all these factors before you start a production business.

 

[Godspower]

Labour and entrepreneur are two different factors and concepts in business. Labour takes the form of unskilled or skilled labour and it is very vital to production. It is the entrepreneur that does the decision making for labour to implement them.

 

[Kaffyfolla]

labor refers to the physical work done to produce goods or services and entrepreneurship refers to the innovations devised to produce goods or services. This is the essential difference between the two.

 

[Good-Person]

I think you missed machinery and equipment because both of them are also important factors of production that are required to produce goods or get natural resources from land. For example, you need machinery to get oil from land.

 

[YERUS]

Labour is actually divided into two which comprises of both the skilled and unskilled labour so I don't think that enterpreneur can completely take the position of labour.

The factors of production include capital, labour, land and entrepreneur.
these factors work hand in hand to achieve a better result.
The entrepreneur is one who controls the other factors of production.

 

[joy101]

Every factor in production have their roles to play when the production is be done you can make your business to grow, as entrepreneur you have to play your role in business.

 

[Smiles20]

The factors of production are things that have been carefully drafted out and as such whenever you want to start your business it is important that you should make them very carefully and try to get the best out of each of them.

 

[Dagm1]

Yes, but only on a small scale. If the company is not large, being an entrepreneur might be a difficult task. However, in a large corporation, the entrepreneur may have a significant role to play, denying him or her the opportunity to work as a laborer.