Land is one of the factors of production. In economics, factors of production are the ingredients that go into making products.
Posts tagged as “factors of production”
This article is about fours different factors of production (land, labor, capital and enterprise) and three basic sectors of production.
This article talks about three main functions of price and explains how these functions of price influence the market system.
This article introduces the concept of Production Possibility Frontier (PPF) as well as shows the Production Possibility Frontier (PPF) diagrams.
Businesses need finance to conduct business activity – turn inputs into outputs. Finance is needed to purchase resources.
The term scale of operations simply means the size of business operations measured by the business's maximum output.
Another classification of businesses. Instead of looking at sectors of the economy, let's consider grouping various businesses based on the type of product.
An entrepreneur is someone who plans, organizes and manages a business organization willingly taking on potentially high financial and personal risks.
Businesses require resources for the production of goods and services. The resources used in the production processes are called factors of production.