Factors of production

[BuchiBankz]

Factors of production can be said to be the resources people use to produce goods and services, they are the building blocks of the economy. Eg
Land
Labour
Capital
Entrepreneurship can be said to be the factors of productions
[automerge]1612773957[/automerge]
Factors of production can be said to be the resources people use to produce goods and services, they are the building blocks of the economy. Eg
Land
Labour
Capital
Entrepreneurship can be said to be the factors of productions

 

[Halexcity]

The five factors of productions are
Land and location: you first make survey for where you want to esterblish if the place will be productive or not.
Capital:
Labour: you are to decide the number of people that will work with the you and put them on pay roll.
3. Entrepreneur:This is the mental approach put towards the business.

 

[Ltherman]

Bringing back memories of basic economics back then in school. More light should be thrown on the matter and curated to reflect new realities in tune with the times we're in as so many things must have changed over time.

 

[Jomarie05]

Yes, but in a small scale business. Entrepreneur can be a labour if the business is not a big business. But in a big business entrepreneur may have a major role to play that will not give him/her a chance to be a labour.

 

[Sheun450]

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

 

[Judee201]

Choosing the right location for your business goes a long way in determining the level of success in business. Sitting your business in a strategic location gives you edge over your competitors. As an entrepreneur, you must establish your business in a location that will help you reduce expenditure and increase revenue for your business.

 

[FreshKaz11]

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?

Without labour no production or entreprenuer as well .. Labour is like the pillar of any production company,that's why most companies don't allow labour union...
So labour is the solid foundation of production,without labour nothing can be done in any production company...

 

[nasiusman95]

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

 

[Kehinde]

factors of production are land, or the physical space and natural resources, labor, or the workers, capital, or the money and equipment, and entrepreneurship, or the ideas and drive, which are used together to make a successful attempt at selling a product or service according to traditional economic.

 

[mayreeh38]

Factors of production include land, the capital and labour. Each has its role to play and I person cannot handle all. Products needs production and someone need to be in charge to over the production process. These factors will help the business to grow.

 

[Kinglegend01]

There are four factors of production.namely land,labour,capital and enterprenuer.the reward for land is rent while the reward for labour is wages or salaries. The reward of capital is interest while the reared for enterprenuerahip is either a profit or a loss depending on how the business is managed.

 

[lelakil3]

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?

It is possible with as long there's always been a project that entrepreneur is handling is most likely that way and also if the laborer has entrusted with the entrepreneur due to its hard working and individual skill even wherever the entrepreneur is it is likely the labor get the offer from entrepreneur.

 

[Ebensco]

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.

 

[Mostee501]

Factors of production has to do with the resource and materials that is used to process the product to produce the output that becomes the finished goods and services. The amount of the materials determines the quantity of the output.

 

[Ridwan Mohammed]

Do you by this post suggest that entrepreneur is one of the factors of production ? This is quite new to me because I know that labour is one of the factors of production.
Perhaps more explanation can help

I think it entails the important things involved in production. These are Land, Labour, Capital and Entrepreneur.

 

[Dubai]

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?

Yes, these are the factors of production. I doubt if labour and entrepreneur are interchangeable. You know, most times an entrepreneur is still going to employ labourers that would do the work on his behalf. He only supervise the laborers. In this case, the laborers are different from entrepreneur. If it is a one man business, then you could say they are the same.

 

[MarieArie]

Land is short for all of the natural resources required for supply development. Raw property and everything that falls from the field are included. It may be a property that is non-renewable. That includes commodities like gold and oil. It may also be a resource that is sustainable, such as timber. It becomes a capital good until man alters it from its original state.

 

[Thosynho]

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 and entrepreneur are two different entities. There is no point of comparison at all. An entrepreneur is some who organise a business and bears the risk from it while labour is a work done. Labour cannot stay in place of entrepreneur.

 

[nasiusman95]

Simply stated, factors of production are the “inputs” necessary to obtain an “output.” However, not all the “inputs” that must be applied are to be regarded as factors in the economic sense. Some of these inputs in a normal situation are “free.” Although atmospheric air, for example, or a substitute for it, must be at hand to enable production to go on, it is not counted among the factors since it is available in most circumstances in practically unlimited quantities. If it has to be piped into a deep mine or underwater, however, it would then have to be treated like the other “economic resources.” From the standpoint of the whole economy, a cost is involved in using a resource if, as a result of this particular use, the production of something else which depends upon the same kind of resource is hampered. Thus, if the input is scarce in relation to the need for it, it is regarded as a factor of production. The needed inputs may be scarce, and so constitute productive factors, either because they represent something which cannot be produced, like land (in the strictly economic sense), or because although their supply could be enlarged, like factories, to do so would be costly in terms of resources.

 

[Usman Sattar]

Choices concerning what goods and services to produce are choices about an economy’s use of its factors of production, the resources available to it for the production of goods and services. The value, or satisfaction, that people derive from the goods and services they consume and the activities they pursue is called utility. Ultimately, then, an economy’s factors of production create utility; they serve the interests of people.