The main reasons for production activity and the conditions in which the creation of an economic product occurs are called factors of production. They are in in a certain sense driving forces production, an integral part of production potential.
In the very simple case factors of production are understood as the triad “labor, land, capital”, which embodies the labor and natural resources involved in creating the product. IN lately Entrepreneurship is considered one of the significant factors. However, such a list will not be exhaustive.
In Marxism, the conditions of production include labor, the subject and means of labor, considering personal and material factors. Personal refers to the totality of a person’s abilities to labor activity. Marxist methodology classifies the means of production as material, combined into a complex system in which a special place is given to the organization of production and technology. The latter refers to the interaction between all factors of production.
The main factors of production in marginalist theory:
- natural resources;
- work;
- capital;
- entrepreneurship;
- scientific and technical factor.
Natural factor
The natural factor embodies the natural conditions in which production processes take place. Substance, minerals, earth, water, air, plant and fauna. Being a factor of production, the natural environment allows the use of natural resources, which serve as raw materials, in the manufacture of a product. All the variety of material products is produced on the basis of such raw materials.
The energy basis for production is the Earth and the Sun. At the same time, the planet becomes a production site on which the means of production are located, where workers work.
Land has now become one of the most unique resources, because its supply is limited. This type of material conditions of production represents a territory where natural resources and minerals are available. The usefulness of a land resource is assessed by its ability to be suitable for agricultural work and biological reproduction.
The natural factor acts in the triad as a passive component. However, in the course of transformations, natural objects turn into the main means of production and gradually acquire an active role. In some factorial economic models, the natural factor is taken into account in an implicit form, which does not at all reduce the degree of its influence on production processes.
Labor factor
Labor is presented among the factors of production as an element that is designed to initiate the production process. This category represented by the labor of workers who are directly involved in the creation of goods. The concept of “labor” embodies a diverse number of activities that guide production and accompany it at all stages. Labor consists of direct human participation in the transformation of resources (energy, matter, information). People contribute to the production process by expending physical and mental effort. All participants bring their labor into the production process; each form of labor ultimately affects the result.
In macroeconomic models that apply the resource approach, when considering the main factors of production, they often highlight not labor as such, but labor resources, that is, the working population or the total number of those employed in production activities. It is important to understand that the labor factor is manifested, among other things, in the quality of labor, its efficiency, and labor productivity.
Labor is the most important economic category, since its costs determine the efficiency of the established organization of production. Through labor activity, a person actively influences the subject of labor. The intensity of the labor process affects the labor intensity and amount of time spent on manufacturing the product. This data allows you to identify problems facing production.
The size of the labor force determines other economic categories - the unemployment rate and employment. The structure of the labor force includes all people who, in one way or another, take part in production in accordance with their work skills. Human activity has a peculiarity: the labor force is formed over the years, it requires continuous renewal. For successful work, an employee must maintain useful skills and always be in the right physical shape.
Capital as a factor of production
Capital refers to the means of production that are involved and directly involved in the production of an economic product. Capital can appear in production activities in a wide variety of forms; The methods of accounting for it may also be different. If human labor creates only the condition for production, then capital becomes the goal, purpose and mode of existence of production activity. Therefore, capital is often placed above labor in importance.
This factor is expressed in both physical and monetary capital. Physical capital is the main means of production. Working capital also become the most important material resource and source of activity for the production of an economic product. In the long term, the factor includes capital investment.
In short, capital refers to any type of property used to generate profit. It is for this purpose that since the advent of industrial society, investments (capital investments) directed into production have been widely used. In their material form, invested funds are transformed into fixed assets and become factors in the production process.
According to a number of economists, after labor, capital ranks second among other conditions for the success of economic activity. Recently, it has become increasingly common to distinguish human capital, including the knowledge, skills, abilities, and professional experience that the employee has. Other researchers do not consider it advisable to introduce such a category, since its content is largely covered by the labor factor.
Entrepreneurship as a factor of production
Entrepreneurial activity and initiative have a beneficial effect on the results of production activities. The difficulty is to quantify the effect of this factor. Measuring such an impact is extremely difficult. Therefore, this factor is judged, as a rule, exclusively in qualitative terms. The importance of entrepreneurial activity is that it increases and enhances the return of the labor factor.
Entrepreneurial ability consists of the ability to combine all factors of production in order to create a product with maximum efficiency. Being an entrepreneur means:
- be able to make decisions;
- take reasonable risks;
- be able to organize workers to complete tasks.
Main factors of production and types of income
Each of the dominant production factors creates certain type income:
- corresponds to work wages;
- land - rent;
- capital - interest;
- entrepreneurship - profit.
Scientific and technical level of production
With the development of science, the number of production factors began to additionally include the scientific and technical level of production. It expresses the degree of technological equipment of production, its technical perfection. The influence of this factor extends to the growth of labor productivity and the efficiency of capital use. Scientific and technological progress contribute to increasing demand for products and increasing sales volumes.
Innovation activities are also often considered in this category. A technological innovation introduced into production very often becomes the factor that allows us to qualitatively improve the production process and makes it possible to introduce fundamentally new products to the market.
In the conditions of the emergence of a post-industrial society, information becomes an essential factor of production. This is one of the most important resources that affects economic processes. Information resources find application in any part of the system of productive forces, becoming an integral element of living labor.
Modern industrial production is a complex complex, the development of which depends on several interrelated factors. The main one is various kinds of resources. They can be tangible or intangible. The latter type increasingly today includes organizational resources, entrepreneurial abilities and scientific achievements.
Instructions
Industrial production includes several stages: preparation of equipment, processing of raw materials, direct production of industrial products, their storage and transportation to the consumer. An important place in the production process is also occupied by project activities and market research. At any stage, the product manufacturer requires certain resources, which become the main factors of production.
The most important factor modern production human labor continues to be the sum of human abilities. This economic category directly affects the efficiency of production activities. Through labor, workers act on raw materials, transform them, turning them into the final product. The labor process is characterized by productivity and intensity. IN modern conditions production share is decreasing physical labor, since the most difficult and monotonous operations are transferred to machines and mechanisms.
In conditions market method In farming, capital becomes another factor of production. Human capital refers to the knowledge, skills and abilities of an enterprise's employees. Material capital is embodied in buildings, industrial equipment, and raw materials. This also includes other production assets, which are needed to organize the production process. Still crucial for industrial enterprises has land.
Manufacturing in the 21st century to a greater extent dependent on information than a few decades ago. An entrepreneur needs accurate data to identify competitors, assess market position and dynamics external environment. Timely and accurate information makes it possible to launch production of products that will be in strong demand. This factor of production is often called information capital.
Organizing a business that produces goods and services requires entrepreneurial ability. This category is also classified as modern factors of production. For an entrepreneur, organizational skills, knowledge of the peculiarities of this field of activity, as well as personal qualities: tendency to take reasonable risks, resistance to stress, ability to be a leader. For the success of modern production, the personality of the entrepreneur is sometimes decisive.
Current production is unthinkable without fresh technological solutions, without the use of the latest achievements of science and technology. The decisive factor here is not fundamental, but applied scientific research, which are directly intended to solve practical problems. Large enterprises make extensive use of R&D to improve the competitiveness of products.
You can create spiritual and material wealth using resources and factors of production. These categories are extremely important in economic theory. Production resources are nothing more than a combination of financial and material resources, social, spiritual and natural forces used in the process of creating services, goods, and other values. Here are the types of economic theory that divides production resources into:
The first group is natural. This refers to substances and natural forces that are potentially suitable for further use in production. Among them there are “exhaustible” and “inexhaustible”.
The second group is material. These are all that were created by man and in themselves are the result of production.
The third group is labor. This includes the population who are of working age. In this aspect, it is assessed according to certain parameters: cultural-educational, professional-qualification and socio-demographic.
The fourth group is financial. Implied cash allocated for organizing production.
As technology moved from pre-industrial to post-industrial, the importance of resources also changed. Previously, the priority was labor and now - information and intellectual.
Three groups of resources that are inherent in almost any production are called basic - labor, material and natural. But financial ones, which arose only at the “market” stage, are called derivatives.
But this is not just one classification of production resources. Other scientists propose dividing them into three groups: the first - general, the second - specific and the third - interspecific. General ones are those whose value does not depend in any way on whether they are in a given company or not. Specific - their value outside the company is much lower than inside it. And interspecific - mutually unique, complementary resources and their maximum value is achieved only in a specific company and exclusively through it.
Resources and related concepts. But there are also differences between them. It was previously noted that resources are those natural, social, material forces that can only be involved in production. And factors are one of the economic categories that denote resources already involved in the production process itself. Thus, resources and factors of production are close concepts, but the concept of “resources of production” is broader than the concept of “factors of production.” That is, factors of production are producing resources.
Resources and factors of production have their own classifications. The first was discussed above, but here is the second:
1. Land - this is the name of natural goods that are usually used in the process of any production. They can be forest, air, and so on. Land is considered a limited resource, so it is customary to charge a fee for it, called rent.
2. Labor is the mental and physical effort used by people in the process of producing services and goods. People realize their ability to work for a fee, called wages.
3. Capital - it is usually spent in the production process. Therefore, capital is also available for use for a fee, which is called “interest on capital”.
4. Entrepreneurship. Its main task is to bring together capital, labor and land. And for the efforts and risks that are invested in the business, he receives payment or, in other words, profit.
Factors of production can actually be controlled, owned or used by the state, firms or individuals.
We already know economic forces(or resources) of production: “labor”, “entrepreneurship”, “capital” and “land”. There are also definitions when the first two factors are called the human or human factor of production, and the second two factors are called the material factor. Some authors call labor and land primary factors, and capital - a secondary factor (since its elements - machines, machines, semi-finished products, etc. - were also created by the labor of people in the stages preceding this production).The result of production is ensured by combining different factors of production in certain proportions. At the same time, to achieve the same production result, it is possible various options combinations of factors. In theory, a conditional two-factor model is usually analyzed, reflecting the dependence of output (Q) on the combination of a certain amount of labor (L) and capital (K). By connecting the points of the same output with different combinations, we get a curve. This dependence is called an isoquant - a line of equal output, and can be depicted graphically:
Rice. 7.1. Isoquant map
In this scheme, labor refers to the quantity employees, and under capital – the level of technical equipment (mechanization) of labor.
From the above example it is clear that the same volume of output (for example, points A and B) can be provided either by a high level of mechanization with a relatively small number of workers (point A), or with less technical equipment due to an increase in the number of workers (point B). By increasing both factors, we can achieve more high level production, which is reflected by point C on the isoquant Q2, located above the line Q1.
Isoquants have the following properties:
Each isoquant corresponds to a certain volume of output, and they cannot intersect;
Isoquants have a negative slope, so that while output remains the same, a decrease in the use of one factor requires an increase in the use of another factor.
Quantitatively, the degree of substitution of one factor by another can be measured by an indicator called the marginal rate of technological substitution (Latin abbreviation MRTS). MRTS is the ratio of the change in the quantity of one factor to the change in the quantity of another factor, keeping output constant. In our example:
MRTS = ? TO /? L.
Isoquants remind us in shape of indifference curves. This is no coincidence. Because their economic properties are very similar. After all, an entrepreneur can be considered as a consumer (in in this case production resources) in order to meet the production needs of the enterprise (firm). The mathematical apparatus of isoquant analysis is similar to the methods of analyzing indifference curves.
Isoquants can have different kind depending on the degree of interchangeability of resources. Our example shows the most typical variant of partial interchangeability of two variable resources with their mandatory simultaneous use. If resources are absolutely interchangeable in any production, then a given volume of production can be achieved either through the use of any one resource or through their combinations. An isoquant will look like a straight line. For example, oil and gas as sources of energy are absolutely interchangeable resources (Fig. 7.2, a).
It is also possible that two resources complement each other, but do not replace each other. For example, in the field of road transport, the number of cars and the number of drivers must be the same and constant for a given volume of traffic. The isoquant in this case will have the form right angle(Fig. 7.2, b).
Rice. 7.2. Types of isoquants
A firm that operates using two variables that are partially substitutable factors faces a problem optimal choice combinations of these resources for a given volume of output. The task is very simple - to minimize production costs associated with the acquisition of appropriate resources. The decision obviously depends on the ratio of prices per unit of each factor (in our conventional typical example, capital and labor) and the size of the firm's budget allocated to purchase these factors. Knowing prices and the budget, we can use the isoquant chart to construct a line of equal expenses for different combinations of production factors, which is called an isocost (analogous to the familiar budget line) - see Fig. 7.1. It is easy to guess that for each given volume of production the optimal combination of resources will be at the point of tangency between the isocost and isoquant (point B). At this point, economic equilibrium is reached, in which the last ruble spent on the purchase of each factor gives the same increase in total output. From the point of view of rational economic behavior, this means that a relatively more expensive factor of production is replaced by a relatively cheaper one (taking into account changes in the dynamics of the size of the marginal products of each factor).
Under the conditions of a market economic system (which prevails in modern world), almost all factors of production are practically purchased in the relevant markets. Owners of factors of production make them available to economic entities for a fee. This payment on the market takes the form of the price of a given factor of production, and its owner receives the corresponding income, which we will call factor income.
In factor markets, in principle, the same patterns of supply and demand operate as in commodity markets. At the same time, it is necessary to take into account specific features factor markets.
The most common of these features for all factor markets are:
The demand for a resource is derived from the demand for products manufactured using it;
The marginal revenue from the sale of an additional unit of production obtained using an additional unit of resource must be higher than the marginal cost of the resource;
Changes in demand for a given resource depend on the prices of substitute resources;
The elasticity of demand for a resource depends on the share of this resource in total costs;
The supply and demand for some resources may be affected by economic policy states.
Factor incomes from the use of various factors of production in the real economy have various forms of manifestation: wages, profits, business income, loan interest, dividends, rent of various kinds. Let's take a closer look at them.
The production process is a set of activities aimed at processing initial material resources using various factors production for the purpose of creating finished products, works or services. That is why it is necessary for any enterprise to have such components as investment attractiveness and capital, labor activity, and land resources. Together they constitute the main factors of production.
Land resources
Land is a natural (natural) resource necessary for the existence of human society, which people use in their economic activity.
Today we can say with confidence that land is the main factor of production in a traditional society, unique in its kind, the supply of which is limited. Looking at her through the prism geographical science, it can be noted that land is a territory, a place rich in natural resources and minerals. The usefulness of this factor is assessed by its ability for biological reproduction, as well as its suitability for agricultural operations. Besides land resources, there are three more main factors of production, which will be discussed below.
Entrepreneurial Ability
For successful development For any business this is a very important factor. An entrepreneur must have a number of specific qualities and skills, as well as theoretical and practical knowledge, in order to efficiently establish production and commercial activities.
Entrepreneurial activity is a kind of proactive and independent actions of citizens (or their associations) that are aimed at generating personal income (or profit). Such activities are carried out on one’s own behalf and at one’s own risk, under personal property liability, or on behalf of legal entity under his responsibility. Entrepreneurial ability is special kind human capital, complementing the main factors of production, aimed at creating goods, works or services in order to make a profit and satisfy one’s own needs. Business (entrepreneurial ability) binds together all other production resources.
Capital as the main factor of production in industrial society
All property that is used to generate profit is collectively capital. Investments (capital investments) are the direction of assets into production or provision of services in order to obtain not just income, but also profit. As such, the term “capital” is no longer practically used as an indicator of the main factor of production in an industrial society.
In modern accounting, a number of other indicators are used financial analysis. For example, additional capital equity, retained earnings or reserves. Investments in their material form act as the main factors of production (fixed assets) and are used to create goods or services, increasing the economic efficiency of the enterprise.
Labor as a factor of production
The main factors of production include human resources, or more precisely, labor. This is a conscious human activity that is aimed at meeting the needs of both society as a whole and each individual. It is thanks to such activity that a person adapts surrounding reality, causing objects of nature and objects of their activity to influence each other in such a way that this leads to the desired goal. Listing the main factors of production in the economy, it should be noted that labor is a kind of human capital (physical, professional abilities, intelligence).
Features of human activity are the following points:
- the workforce is usually formed over many years;
- labor force requires constant renewal and reproduction;
- it is important to constantly maintain work skills and the necessary physical fitness workers.
Also, the main factors of production are innovation and information.
Innovation activities
An introduced innovation that provides a qualitative improvement in processes or products and is in demand by the market is called innovation. An example would be the introduction to the market of new goods or services with qualitatively new consumer properties, increasing the level of efficiency of production systems. Innovations as the main factors of production in the economy are the end product of human intellectual activity, his reflections, creative process, rationalization, inventions and discoveries.
During the period of the emergence of the capitalist mode of production, as well as the diversified development of market relations mechanisms, science becomes an essential factor of production, without being separated from it.
Information as the main factor of production in post-industrial society
Today it is one of the most important resources that is widely used in economic processes. Information can be used in all parts of the system of productive forces of modern society. It is also an integral element of all stages of human activity, acting simultaneously as a means, an object, and a component of living labor. When determining the main factors of production, it should be noted that information is a productive force, occupying one of the main roles in the development of production in modern society. This is possible thanks to the versatility of information flows and their rapid reorientation from one stage of the production process to another.
And although information has become a significant factor of production and development not so long ago, nevertheless, humanity has been using it since its inception, transforming the world around itself, thereby changing information flows. Physiographic parameters are transformed when people change river beds or drain swamps. Information contained in the relief earth's surface, undergoes changes when houses are built or mining takes place. The information contained in the genotype is transformed when a new plant variety or animal breed is developed.
A necessary condition for resolving issues that arise for economic entities is the possession of reliable and complete information. However, this cannot guarantee success. You need to be able to correctly use the information received in order to make the best decisions in a specific situation. This is where knowledge comes into play. Carriers of this type resource – highly qualified personnel.
Rent and wages as types of income from factors of production
In conditions modern market all economic resources are easily bought and sold, thereby bringing owners factor income. Income from a factor of production such as land is called rent. The entrepreneur receives rent in excess of the established profit on the capital and labor expended. More favorable production conditions lead to the formation of rent - for example, the land of one of the entrepreneurs is more fertile than that of a competitor.
Factor income for labor is wages. This is a remuneration for the employee’s activities depending on the qualifications, complexity, quality and quantity of work performed, as well as working conditions. The salary may also include various incentive payments, bonuses, and compensation.
Interest and profit as types of factor income
Income from capital is a percentage, which denotes the share of remuneration for the benefit brought by it, capital. The relationship of value is determined by a common standard - money. This applies to both standing capital and working capital. The size of the remuneration is determined by the ratio of demand to supply. The higher the demand relative to supply, the higher the percentage. Interest on capital is a completely fair and necessary form of income.
Factor income from entrepreneurial abilities is profit. This is the difference between the amount of income and the costs of production, purchase, storage, processing, transportation, and marketing of goods and services. Profit may have negative value. In this case, it is customary to use the word “loss”. The very concept of “profit” is quite ambiguous. But in general, it is perhaps the most important indicator of the financial results of the economic activities of entrepreneurs and organizations.
Marxist theory in the study of factors of production
K. Marx, a German philosopher and economist, identified the following factors of production: personal and material. In the first case, the person himself acts as a production factor as a carrier of labor power. In the second case, we mean means of production, consisting of means of labor and directly objects of labor.
Means of labor- these are various tools, machines, tools, machines with the help of which a person can influence nature. This also includes land, roads, buildings and structures. In the process of his activity, a person creates means of labor, which in a broader sense should include any material conditions of work necessary for its completion. Objects of labor- these are those natural matters that people influence in order to satisfy their needs.
According to Karl Marx, the sum of all production factors acts as a productive force, which is inextricably linked with production relations. The first characterizes the material content of the production process, and the second characterizes its historically determined form. In the process of improvement, this tandem constitutes a completely new and unique production method.
Non-Marxist judgments in the economic doctrine of factors of production
Unlike Marx, his opponents believe that new value is created not only by hired workers, but by all the factors involved in production. For example, A. Marshall argued that capital and labor interact, receiving income from the national dividend, respectively, to the extent of marginal productivity. He believed that cooperation between labor and capital was essential, and that on their own they were doomed to failure.
Refers to production (capital) resources. It includes the totality of goods created by a person’s past labor: buildings, structures, machines, machines, tools, etc. Stocks, bonds, money, bank deposits are not included in this factor production.
Possession of reliable information is a necessary condition for solving the problems facing an economic entity. At the same time, even full information is not a guarantee of success. The ability to use the information received to make the best decision under the current circumstances characterizes such a resource as knowledge. The carriers of this resource are qualified personnel in the field of management, sales and customer service, maintenance goods. It is this resource that gives the greatest return in business. “What distinguishes a strong company from a weak one is, first of all, the level of qualifications of its specialists and management staff, their knowledge, motivation and aspirations”
In conditions market economy all of the above economic resources are freely bought, sold and brought to their owners special (factor) income:
- rent (land);
- interest (capital);
- wages (labor);
- profit (entrepreneurial ability).
German economist and philosopher of the 19th century. Karl Marx identified personal and material factors of production, while the person himself, as the bearer of labor power, acts as a personal factor, and the material factor of production refers to the means of production, which in turn consist of means of labor and objects of labor.
A means of labor is “... a thing or a complex of things that a person places between himself and the object of labor and which serves for him as a conductor of his influence on this object.” Means of labor, and, above all, tools of labor, include machines, machine tools, tools with which a person influences nature, as well as industrial buildings, land, canals, roads, etc. The use and creation of means of labor - characteristic feature human labor activity. To the means of labor in more in a broad sense include all the material conditions of labor without which it cannot be carried out. The general labor condition is the land, the working conditions are also industrial buildings, roads, etc. The results of social knowledge of nature are embodied in the means of labor and the processes of their production use, in engineering and technology. The level of development of technology (and technology) serves as the main indicator of the degree to which society has mastered the forces of nature. “Technology reveals man’s active relationship to nature, the direct process of production of his life”
Objects of labor are a substance of nature that a person influences during the labor process in order to adapt it for personal or industrial consumption. An object of labor that has already undergone the influence of human labor, but intended for further processing, is called Raw Material. Some finished products may also enter the production process as an object of labor (for example, grapes in the wine industry, animal butter in the confectionery industry). “If we consider the entire process from the point of view of its result - the product, then both the means of labor and the object of labor both act as means of production, and the labor itself - as productive labor”
According to K. Marx, the totality of production factors act as productive forces that are inextricably linked with production relations. Some characterize the material content of the social production process, while others characterize its historically determined form. Evolving, each stage of development of productive forces, characterized by the type of production relations, constitutes a unique mode of production.
Non-Marxist economic theorists do not agree with K. Marx’s position that new value is created only by hired workers, but believe that all factors of production take an equal part in its creation. Thus, Alfred Marshall wrote: “capital in general and labor in general interact in the production of the national dividend and receive their income from it according to the measure of their (marginal) productivity. Their mutual dependence is the closest; capital is dead without labor; a worker without the help of his own or someone else's capital will not live long. When labor is energetic, capital reaps rich fruits and grows rapidly; Thanks to capital and knowledge, the ordinary worker of the Western world is fed, clothed and even housed in many respects better than the princes of former times. Cooperation between capital and labor is as necessary as that between spinner and weaver; slight priority on the spinner's side, but this does not give him any advantage. The prosperity of each of them is closely connected with the strength and energy of the other, although each of them can gain temporarily, or even permanently, at the expense of the other, a few a large share national dividend."
Notes
Sources
- Stankovskaya I.K., Strelets I.A. Economic theory for business schools: textbook. - M.: Eksmo, 2005.
- Drucker P. Effective management. Economic problems and optimal solutions. M.: FAIR-Press, 1988
- Sychev N.V. Political economy. Course of lectures. - M.: IKF “Ekmos”, 2002. 384 p.
- A. V. Makhotkin, N. V. Makhotkina. Social studies in diagrams and tables. - M.: Eksmo, 2011.
Wikimedia Foundation. 2010.
See what “Factors of production” are in other dictionaries:
Resources used in production, on which the quantity and volume of manufactured products largely depend. The demand for factors of production is derived: it exists only insofar as they participate in the process... ... Financial Dictionary
Factors of production- 1. Conditions of production activity (broad interpretation). In this sense, factors are divided into organizational; material and technical; economic; social. . 2. Production resources... Economic and mathematical dictionary
factors of production- 1. Conditions of production activity (broad interpretation). In this sense, factors are divided into organizational; material and technical; economic; social. . 2. Production resources that become an element of the process... ... Technical Translator's Guide
FACTORS OF PRODUCTION, resources used to create the goods of life. In accordance with classical economic theory, the main types of factors of production are: labor, land, capital, entrepreneurial abilities, information.... ... Encyclopedic Dictionary
- (factors of production) Resources necessary for the production of national economic goods (goods). These are land (including all natural resources), labor (including all work and abilities of people), capital (including all money, assets, equipment, raw materials... Dictionary of business terms
Resources used in production, on which the quantity and volume of manufactured products largely depend. These factors include: land, labor, capital, entrepreneurial activity (entrepreneurial abilities). Reisberg B... Economic dictionary
FACTORS OF PRODUCTION- modern economic theory divides the resources necessary for the production of goods (goods, services) into groups - factors of production. The first of them is labor. The factor land (natural resources) is understood in a broader sense. meaning (as a place of stay... ... Financial and credit encyclopedic dictionary
factors of production- 2.1.3 factors of production: Factors necessary for the transformation, transportation, storage and inspection of raw materials, parts, parts and final products.