Factors of Production Factors of production are Definition of Factors of Production resources for...
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Transcript of Factors of Production Factors of production are Definition of Factors of Production resources for...
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Factors of Production
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Factors of production are
Definition of Factors of Production
resources for production
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Classification of Factors of Production
Factors of Production
NaturalResources
HumanResources
Man-MadeResources
Land Labour and
EntrepreneurshipCapital
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Natural Resources:
LAND
LAND
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Definition:
Resources provided by nature are
called land.
LAND
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Characteristics:
1. A Gift of nature
2. Limited in Supply
3. Land is immovable
LAND
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Man-Made Resources:
Capital
Capital
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All resources that are made by men
to assist production are capital.
Definition:
Capital
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1. Man-made Resources
2. Increase in Productivity
Characteristics:
Capital
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Human Resources:
Labour
Labour
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Labour refers to human efforts, both
mental and physical that are
involved in the production process.
Definition:
Labour
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1. Human Resources
2. Rest and Leisure
3. Improvement in Productivity
Characteristics:
Labour
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Definition:
Labour Supply
The supply of labour is measured
by the total working hours of the
workers involved in production.
Labour Supply
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Factors affecting Labour Supply:
1. Size of the population
2. The size of working population
3. The number of working hours
Labour Supply
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Definition:
Average labour productivity
measures the output per worker
per unit of time.
Labour Productivity
Labour Productivity
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Factors affecting Labour Productivity:
1. Education and Training
2. Rewards and Benefits
3. Working environment
4. Health of workers
5. Mechanization
6. Division of labour
7. Management
Labour Productivity
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Human Resources:
Entrepreneurship
Entrepreneurship
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Entrepreneurship refers to human
efforts which organize all resources,
make decisions and bear risks.
Definition:
Entrepreneurship
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Characteristics:
1. Management and
Organization
2. Major Decision-Making
3. Risk Bearing
Entrepreneurship
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1. Occupational Mobility
2. Geographical Mobility
Type of Mobility of Labour:
Mobility of Resources
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1. Monetary Rewards
2. Non-Monetary Rewards
3. Skills of Workers
4. Restrictions of Trade Unions and
Professional Associations
5. Age of workers
Factors affecting the Occupational Mobility of Labour:
Mobility of Resources
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1. Transportation
2. Political Factors
3. Economics Conditions of the Home
Country
4. Economics Conditions of Other Countries
5. Social Factors
Factors affecting the Geographical Mobility of Labour:
Mobility of Resources
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End