Posted: February 19th, 2022
Factors of Production
Land, labor, capital, and entrepreneurship are the four basic categories of inputs of production that make up economic growth. The resources a company uses to create or manufacture a thing or service are referred to as “factors of production.” Businesses must have the elements of production to be financially successful.
Purpose of Research
There are costs associated with increasing inputs: increasing labor implies less time for leisure; increasing capital investment means reducing present consumption; and raising material inputs limits the supply of natural resources (Du et al., 2019). Increasing production without increasing inputs and related expenses is possible via productivity growth. Using historical or “time series” data on production and hours worked, we can see how labor productivity positively affects economic growth in the U.S. (Du et al., 2019). Nine times more products and services have been produced in the U.S. economy since 1947, thanks to increased productivity.
Review of Literature
Even though capital is the most esoteric and socially manufactured of the three components that make up production, it nevertheless plays a crucial function in connecting human labor with the physical resources needed to make goods. It is typical for economists to use the term “capital” interchangeably to refer to various items, including equipment and tools that productive firms require to produce the commodities they will eventually sell (Du et al., 2019). Other social and cultural phenomena, such as Bordeau’s analysis (Bordieu 2005) or a neoliberal drive to quantify and exploit other parts of existence, are sporadic examples of “social capital” mislabeling (Fine 2001). Those who favor neoclassical economics may purposely blur the contrast between possessing a machine and having the potential to produce money to shift attention away from the latter’s significance in any capitalist system, which is the case.
Businesses can produce more things with better quality and at a cheaper cost if they can increase the efficiency of their production components. Gross Domestic Product (GDP) growth occurs whenever there is a rise in the number of goods and services produced (Cato et al., 2016). A country’s gross domestic product (GDP) is essentially a number that measures the entire amount of goods and services produced. Decreasing prices and improving salaries are two ways that more robust economic development helps people live better.
In addition, when technology improves manufacturing efficiency, it may also lower costs by displacing labor (Yenokyan et al., 2014). Automation and artificial intelligence, for instance, are employed in manufacturing to increase output, reduce human error, and, as a result, lower wages.
Depending on the situation, some aspects of production may be more critical than others. Labor may be seen as the most valuable element in production by companies that rely heavily on highly competent software developers (Cato et al., 2016). On the other hand, land and cash may be the most critical assets for a business that earns money by developing and renting office space. Throughout time, the relative significance of each production element will shift as the needs of a company change.
Bourdieu, P. (2005). The social structures of the economy. Polity.
Cato, M. S., & North, P. (2016). Rethinking the factors of production for a world of shared ownership and sustainability: Europe and Latin America compared. Review of Radical Political Economics, 48(1), 36-52.
Du, N., Shao, Q., & Hu, R. (2019). Price elasticity of production factors in Beijing’s picking gardens. Sustainability, 11(7), 2160.
Fine, B. (2002). Social capital versus social theory. Routledge.
Yenokyan, K., Seater, J. J., & Arabshahi, M. (2014). Economic growth with trade in factors of production. International Economic Review, 55(1), 223-254.
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