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Topic: Factors of production


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  Factors of production Summary
One intuitive basis for the classification of the factors of production is the manner of payment for their services: rent for land, wages for labor, interest for capital, and profit for entrepreneurship.
Their theory is based on the possibility of substituting among factors to design alternative production methods, whereby the optimal production method allocates all the factors to equalize their marginal productivity with their marginal costs.
Intangible factors of production are subject to network effects and the contrary economic laws such as the law of increasing returns.
www.bookrags.com /Factors_of_production   (2287 words)

  
 Natural Factors Production - MyHealthMyBody.com
At Natural Factors we are committed to providing the highest quality products to our customers.
All of our products undergo rigorous testing at all levels of the production process in accordance with United States Pharmacopeia (USP) guidelines.
Stability Program: Products are tested throughout the shelf-life and for one additional year to guarantee that the potency matches the label claim.
www.myhealthmybody.com /trellis/nfproduction   (320 words)

  
  A Glossary of Capital Homesteading, Binary Economics, and the Just Third Way
The central tenet of binary economics is that there are two components to productive output and to income: (1) that generated by human labor, and (2) that generated by capital.
The human factor of production, also generally "understood as work for pay." In binary economics, labor refers to all forms of physical, mental and entrepreneurial work that humans contribute to the economic process.
Money is not a physical factor of production, but rather a yardstick for measuring economic input, economic outtake and the relative values of the real goods and services of the economic world.
www.cesj.org /definitions/glossary.html   (10155 words)

  
  NationMaster - Encyclopedia: Factor of production
Their analysis does not substantially alter the idea of factors of production, although it puts special emphasis on means of production, defined as the factors minus labor, which it sought to differentiate from human factors.
In economics, the factors of production used by a firm in the production of a good or a service are generally referred to as inputs.
In returns to these three factors is the whole produce distributed.''[3] The eight fascinating chapters in Book III of Progress and Poverty are concerned with clearing up the "puzzling ambiguity and confusion" which were made by economic writers up to that time in the description of the factors of the production of wealth.
www.nationmaster.com /encyclopedia/Factor-of-production   (702 words)

  
 Kids.Net.Au - Encyclopedia > Factors of production   (Site not responding. Last check: )
These were codified originally in the analyses of Adam Smith, 1776, David Ricardo, 1817, and the later contributions of John Stuart Mill as part of one of the first coherent theories of production.
This analysis did not substantially alter the idea of factors of production, although it put special emphasis on means of production, defined as the factors minus labor, which it sought to differentiate from human factors.
The classical relationship of financial capital and infrastructural capital that was sharply criticized by Karl Marx is still recognized as central, but there is a wider debate on means of production and various means of protection, or "property rights", to secure their reliable use.
www.kids.net.au /encyclopedia-wiki/fa/Factors_of_production   (421 words)

  
 production
In economics, the factors of production used by a firm in the production of a good or a service are generally referred to as inputs.
The primary factors of production are land and labor.
In a two-input production model, in the short run, the changes in the output (physical product) are the result of changes in the variable input.
www.oswego.edu /~atri/production.html   (1046 words)

  
 Reference.com/Encyclopedia/Kenneth Boulding's Evolutionary Perspective
It is much more accurate to identify the factors of production as know-how (that is genetic information structure), energy, and materials, for, as we have seen, all processes of production involve the direction of energy by some know-how structure toward the selection, transportation, and transformation of materials into the product.
Boulding's factors of production are know-how, materials and energy; hence, a theory which holds labor -- a heterogeneous collection of artifacts of know-how, energy and materials -- as the source of value in the production process has "all the scientific validity of the medieval elements of earth, air, fire, and water." (1981, p.
Once the traditional factor of production, capital, is reinterpreted as know-how, one can easily conclude that know-how and the growth of knowledge are "the essential key to economic development.
www.reference.com /browse/wiki/Kenneth_Boulding%27s_Evolutionary_Perspective   (1228 words)

  
 Factors of Production   (Site not responding. Last check: )
Land, labor, and capital are referred to as "factors of production.
Each factor is plays a unique role in the production of goods, and each factor is clearly distinguishable from the other two.
Definition of the three distinct, interdependent factors of production is another important analytical tool that helps economists make sense of the processes of production and distribution in a complex society.
www.landandfreedom.org /econ/econ2.htm   (720 words)

  
 Factors of production: A Glossary of Political Economy Terms - Dr. Paul M. Johnson
Factors of production: A Glossary of Political Economy Terms - Dr. Paul M. Johnson
The scarce resources that are useful not so much for direct and immediate satisfaction of human wants as for producing other goods or services.
Economists often find it useful for purposes of theoretical simplification to group the millions of different sorts of factors of production into several very broad categories and then discuss them as though all the items within each category were perfectly substitutable for each other and therefore traded on a single
www.auburn.edu /~johnspm/gloss/factors_of_production   (125 words)

  
 Roy A. Foulke / The Factors of Production
One must keep in mind that "production" in economics means not merely the making of things, it also includes the increase in value gained by the transportation or the exchange of things.
All other revenue is ultimately derived from some one or other of these.'' There was, however, some "puzzling ambiguity and confusion" in the description of these three factors and their inter-relations as explained by the classical economists until Henry George examined them one by one and "reasoned away" their illogical statements and confusions.
As all wealth is in the last analysis the resultant of land and labor, so is all production in the last analysis the expenditure of labor upon land.
www.cooperativeindividualism.org /foulke-roy_on-factors-of-production.html   (2206 words)

  
 5331.0 - Balance of Payments and International Investment Position, Australia, Concepts, Sources and Methods, 1998
In economic statistics, income refers to the earnings from the use of the factors of production (labour, land and financial capital).
Income should be recorded in the period in which the economic benefits arising from the use of the factors of production are enjoyed by the user.
Specifically, labour factor income is valued using the compensation accruing to employees in the period, and financial capital income is valued using the investment income that accrues to the providers of the capital during the period.
www.abs.gov.au /Ausstats/abs%40.nsf/66f306f503e529a5ca25697e0017661f/F2B1D29997034567CA25697E0018FDD9?opendocument   (471 words)

  
 Factors of Production - Search Results - MSN Encarta
Factor (business and finance) : factors of production
- element contributing to production of goods: any one of the factors that contribute, or may contribute, to the production of goods.
These are generally taken to be land, capital, labor, and the businessperson or entrepreneur.
ca.encarta.msn.com /Factors_of_Production.html   (178 words)

  
 XXII. THE NONHUMAN ORIGINAL FACTORS OF PRODUCTION: General Observations Concerning the Theory of Rent
The law controlling the determination of the prices of the factors of production is the same with all classes and specimens of these factors.
In the changing economy differences between the prices of the products and the sum of the prices that the entrepreneur has expended for the purchase of the complementary factors of production plus interest on the capital invested can appear in either direction, i.e., either as profit or as loss.
Land is, in the economic sense, a factor of production, and the laws determining the formation of the prices of land are the same that determine the formation of the prices of other factors of production.
www.mises.org /humanaction/chap22sec1.asp   (1159 words)

  
 PinkMonkey.com-Economics Study Guide - 9.2 Factors of Production and Product Output - page 2
For the third production unit the second unit of variable input is applied and the output is more than double.
For production unit 4, the third unit of variable input is applied and the output increases to 18 units.
Thus the three phases of the production function are closely associated with under utilization, optimum utilization and over utilization of the fixed factors of production.
www.pinkmonkey.com /studyguides/subjects/eco/chap9/e0909202.asp   (539 words)

  
 VDARE.com: 08/17/03 - Trade No-think
As Professor Roy J. Ruffin writes, [MS Word document HTML] the key assumption of trade theory is “that factors of production must be internationally immobile in order for comparative advantage to reign supreme,” as David Ricardo, the discoverer of the principle on which free trade is based, recognized.
If factors of production are internationally mobile, they will flow to countries that have the greatest absolute advantage.
If the mobility of factors of production is what it appears to be, there is a different explanation for the decline of US manufacturing, one that cannot be dismissed as the benevolent workings of free trade: Mobile factors of production are flowing to the greatest advantage—cheap Asian labor.
www.vdare.com /roberts/trade_nothink.htm   (851 words)

  
 Free-Traders' Blind Spot
If the factors of production are internationally mobile, capital and labor would move from England to Portugal, where both commodities can be produced the cheapest.
If factors of production are as mobile as traded goods, the case for free trade--that it benefits all countries--collapses.
The international mobility of factors of production is a new phenomenon.
www.democrats.com /node/4838/print   (1316 words)

  
 Natural Factors, Why they are Unique - MyHealthMyBody.com
As we like to say, there are many "factors" here that you won't find at other natural health manufacturing companies:
we have produced and sold quality products to North Americans for more than 40 years
our products are used around the world, from Japan and Korea, to Australia, to Eastern Europe and beyond
www.myhealthmybody.com /trellis/naturalfactorsunique   (118 words)

  
 Flash Design & Multimedia Production by Stormfront Productions, Inc.
Discovery Park was established to create a combinational power greater than any individual strength, and to serve as a catalyst for drawing faculty, staff, and students to reach into other disciplines and projects in order to take Purdue to the cutting edge of academic work.
Passageways web portal solution, their flagship product, consists of a framework that is rich in collaboration and communication features, and integrates with a host of applications that financial organizations use.
One of the prime motivating factors in the purchase decision making process is “trust”.
www.stormfrontproductions.net /multimedia.php   (1036 words)

  
 Factors of production | Business Studies Theory | Business & Marketing Resources
The term factors of production relates to the key factors that go into making goods.
Is the skill of combining the other factors of production.
Although the factors of production are traditionally split up into land, labour, capital and enterprise, you can also use a common sense categorisation based on specific companies.
www.thetimes100.co.uk /theory/theory.php?tID=135   (218 words)

  
 Bambooweb: Factors of production
These were codified originally in the analyses of Adam Smith, 1776, David Ricardo, 1817, and the later contributions of John Stuart Mill as part of one of the first coherent theories of production in political economy.
Their analysis does not substantially alter the idea of factors of production, although it puts special emphasis on means of production, defined as the factors minus labor, which it sought to differentiate from human factors.
The classical relationship of financial capital and infrastructural capital is still recognized as central, but there is a wider debate on means of production and various means of protection, or "property rights", to secure their reliable use.
www.bambooweb.com /articles/f/a/Factors_of_production.html   (460 words)

  
 Factors of production - Definition, explanation
A multidisciplinary group of researchers concerned with understanding the fundamental factors (both natural and anthropogenic) which determine the chemical composition of the Earth's atmosphere.
Report and forecast of the growth and development of the production volumes of the nonwovens industry, and the factors influencing the process.
Provides information about the history, production, and distribution of rice, as well as discussions of environmental and geographic factors, and current research issues.
www.calsky.com /lexikon/en/txt/f/fa/factors_of_production.php   (855 words)

  
 WealthandWant theme: Factors of Production
The contributions of human abilities to productive efforts are called "labor," the return to labor is called "wages," and the appropriate recipients of wages are those whose labor contributes to productive activities.
The contributions of past human products to productive efforts are called "capital," the return to capital is called "interest," and the appropriate recipients of interest are those who past saving made the creation of capital possible.
The contributions of government-assigned opportunities to the productive process are called "land," the return to land is called "rent," and the appropriate recipient of rent is the public treasury.
www.wealthandwant.com /themes/Factors.html   (4727 words)

  
 Producing Ohio: Links: Factors of Production
Now that you have learned about the production of a pencil, sharpen your skills with a visit to Pencil Pages the world's most comprehensive online resource for pencil-related information.
Check out a presentation titled "Buyers and Sellers of Resources." You can use the text version, or look at each informational screen as it was developed.
Through this production activity, they learn how command and market economies answer those basic economic questions.
www.producingohio.org /links/factors.html   (886 words)

  
 Factors of Production and Technology,   (Site not responding. Last check: )
Production and consumption act as inputs and outputs to changes that may occur in the economic system.
The production process is generally dependent on inputs such as: capital, land, labor, raw materials, energy, climate and the infrastructures of technology,communication and transportation.
Furthermore, production systems are defined by the interaction among relevant factors at a given moment.
cesimo.ing.ula.ve /GAIA/SPD/factors_prod.html   (210 words)

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