KALYAN CITY LIFE

Sharing Wisdom and Vivid Memories of Life

About

Kalyan City is a fast emerging residential township in the Thane district of Maharashtra state, India. It is a central suburban town and resides 54 kms north-east of Mumbai. This blog regularly shares quality academic materials. Here we also document our unique experiences and vivid memories of life. Read our lucid informative articles to excel your understanding, knowledge and success.

Team

Articles published on Kalyan City Life blog are inspired from our work experience, field research, study of various good books and papers, seminars and consultations from subject scholars. Our unique collection of useful study notes is an outcome of a team effort and hard work of Gaurav Akrani, Prof. Mudit Katyani and Manoj Patil.

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4 Factors of Production - Land Labour Capital and Enterprise




square What is Production Function ?


Factors of production means inputs and finished goods means output. Input decides the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called as "Production Function".

All factors of production like land, labour, capital and entrepreneur are required altogether at a time to produce a commodity. In economics, production means creation or an addition of utility.


square 4 Factors of Production In Economics - Meaning ↓


Factors of Production


Factors of production refers to inputs required for conducting production. Input is the starting point of every production activity.

According to Prof. Benham, "Anything that contributes towards output is a factor of production."

Mere existence of anything doesn't make it a factor of production but its contribution in production process is a necessary condition. Dr. Alfred Marshall described factors of production as "Agents of Production". Cooperation among factors is essential to produce anything because production is not a job of single factor.


square Four Factors of Production In Economics - Chart ↓


Following chart provides brief tabulated information on 4 factors of production.


Factors of Production In Economics Chart


square Land, Labour, Capital and Entrepreneur - Articles ↓


  1. Land is a Natural Factor of Production and Features of Land.
  2. What is Labour and Labourer? Meaning and Features of Labour.
  3. What is Capital? Meaning, Features and Types of Capital.
  4. Who is Entrepreneur? Qualities / Skills of an Entrepreneur.




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