Factors Of Production And Their Rewards Pdf

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factors of production and their rewards pdf

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This study note focuses on the main factors of production - i. The World Bank regards infrastructure as an essential pillar for economic growth in developing countries. India is often cited as a country whose growth prospects are being limited by weaknesses in national infrastructure.

Click to see full answer Subsequently, one may also ask, what are factors of production?

The four factors of production are land, labor, capital, and entrepreneurship. They produce all the goods and services in an economy. That's measured by gross domestic product. It includes raw property and anything that comes from the ground. It can be a non-renewable resource.

Factors of production

Factors of production are the resource inputs needed by producers in order to create an output of goods and services. There are four basic factors, including land and natural resources, labour, capital and enterprise. Modern economists also refer to the environment as a fifth factor of production. Factors are traded in factor markets, including the labour market , the capital market and the market for commercial property. Factor incomes are: rent, wages, interest and profit. In basic economic theory, the more scarce and essential the factor the greater the reward. Factors can be substituted when possible, and this affects the relative reward.

These solutions for Factors Of Production are extremely popular among Class 12 Commerce students for Economics Factors Of Production Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Economics Solutions Book of Class 12 Commerce Economics Chapter 7 are provided here for you for free. Fill in the blanks with appropriate alternatives given in the brackets: i. Land is subject to diminishing returns. Explanation: Land is a fixed factor of production.

In our organization motivation is a key to the success. When evaluating administrative staff, sales people, and production workers, each department works well utilizing different theories. One theory could not work adequately for all three; therefore, three theories were used. Production workers utilize the Two-factor theory; sales people use Vroom's expectancy theory and the Equity theory works for the administrative staff. Combining all three theories into one. The two-factor theory by Frederick Herzberg was based how the employees themselves felt about their jobs.

What are the factors of production and their rewards?

Bio Vita. Learn more about the Econ Lowdown Teacher Portal and watch a tutorial on how to use our online learning resources. We believe the Federal Reserve most effectively serves the public by building a more diverse and inclusive economy. 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.


Factors can be substituted when possible, and this affects the relative reward. The more a factor can be substituted the less it can exploit its relative scarcity.


Factors of Production - The Economic Lowdown Podcast Series

Some of the important factors of production are: i Land ii Labour iii Capital iv Entrepreneur. Whatever is used in producing a commodity is called its inputs. For example, for producing wheat, a farmer uses inputs like soil, tractor, tools, seeds, manure, water and his own services. All the inputs are classified into two groups—primary inputs and secondary inputs. Primary inputs render services only whereas secondary inputs get merged in the commodity for which they are used.

In economics , factors of production , resources , or inputs are what is used in the production process to produce output —that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are three basic resources or factors of production: land, labour and capital. The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".

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What It Means

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Rewarding the Factors of Production: the Marginal Productivity Theory of Distribution

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2 Comments

  1. Yoeni P. 11.04.2021 at 15:49

    Some of the important factors of production are: (i) Land (ii) Labour (iii) Capital (iv​) Entrepreneur. Whatever is used in producing a commodity is called its inputs.

  2. Rachiit 15.04.2021 at 09:57

    In economics the term factors of production refers to all the resources required to produce goods and services.