Term Paper in
Course- EMBA 505
Office of Administration Studies
Md. Masudur Rahman Id: - 120205018
What are the different types of things of creation?
Factors of production indicate inputs and finished goods mean output. Input makes a decision the quantity of output i. at the. output is determined by input. Insight is the beginning point and result is the end point of production method and such input-output relationship is named as " Production Function". All factors of creation like land, labor, capital and businessman are required completely at a time to produce a commodity. In economics, development means creation or an addition of utility. Factors of creation can be labeled into several categories. Such as: 1 . Land
2 . Work
Factors of production consider inputs required for conducting development. Input is definitely the starting point of each and every production activity. According to Prof. Benham, " Anything that contributes to output is a factor of production. " Mere presence of whatever doesn't make it a factor of production nevertheless contribution in production process is a necessary condition. Doctor Alfred Marshall described factors of development as " Agents of Production". Cooperation among factors is essential to produce anything since production is usually not a job of sole factor
Four Factors of Production in Economics -- Chart
Following chart provides brief tabulated information on 5 factors of production.
2. Mention the characteristics of Property, Labor.
5. Land: -
Land can be described as Natural and primary factor of Production.
Area is certainly not created simply by mankind but it really is a gift idea of characteristics. So , it truly is called while natural factor of creation. It is also named as unique or principal factor of production. Normally, land means surface of earth. However in economics, terrain has a larger meaning, come to understand the following picture:
From the above photo it is very clear that land includes earth's surface and resources over and below the surface in the earth. It provides following organic resources: -- a. Around the surface (e. g. ground, agricultural area, etc)
n. Below the area (e. g. mineral methods, rocks, ground water, etc . ) c. Above the area (e. g. climate, rainwater, space monitoring, etc . )
Features of Terrain: -
1 ) Land is actually a free gift idea of nature: -
Area is a free gift of nature to mankind. It is far from a man-made factor nevertheless is a organic factor. installment payments on your Land is a primary factor of development: -
Though almost all factors are essential for development, land puts foundation pertaining to production process. Starting point of production process is a great acquisition of property. So , it really is primary element. 3. Terrain has flawlessly inelastic source: -
By society's standpoint, supply of property is properly inelastic we. e. fixed in top quality. Neither it might be increased nor decreased. Simply, you can not change size of the planet earth. But from individual perspective, its source is relatively flexible. 4. Land has grad ability: -
Property varies from location to location on the basis of virility. Some countries are more fertile and some are generally not at all. Therefore , fertility wise, grading of land may be possible. So , in this manner, land has grad potential. 5. Area is a unaggressive factor: -
Area itself will not produce anything alone. It is a passive aspect. It needs accompanied by a labour, capital, entrepreneur, and so forth like work and business owner, it doesn't focus on its own project. So it is a passive element. 6. Area may have diminishing returns: -
Here, come back means level of crops. Through the use of fertility of land with the aid of capital and labour consistently, returns obtain diminished because of reduction in fertility. 7. Area has a derived demand: -
Demand for farming goods can be described as direct demand and producing such products, land can be indirectly required. So , as being a factor, area has a...