Theory of Factors of Production and Production Function

Август 2, 2022

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Theory of Factors of Production and Production Function

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2. Learning outline To categorize the factors of production Types of Factors of Production Economic nature of
3. Types of factors of production
4. Two types ofInputs
5. Factors of production
6. Land It refers to all natural resources. All natural resources either on the surface of the
7. Characteristics of Land as a Factor of Production The land is a free gift of nature.
8. Types of Land Residential Commercial Recreation Cultivation Extraction Uninhabitable
9. Residential Land A residential area is a land used in which housing predominates, as opposed to
10. Commercial areas Commercial areas in a city are areas, districts, or neighbourhoods primarily composed of commercial
11. Recreational land Recreational land is land used for purposes of recreation. Examples: sports fields, gymnasiums, playgrounds,
12. Cultivation land Cultivation land is arable land that is worked by plowing and sowing and raising
13. Extraction land Extraction is the act or process of extracting something. Mining is the extraction of
14. Uninhabitable land Uninhabitable Is unsuitable for living in. This theory divides the earth into three zones
15. Labor All human effort that assists in production is labour. This effort can be mental or
16. Characteristic It is a human factor. One cannot store labour. No two types of labour are
17. Capital Types of Capital Physical Fixed Working Venture Financial Own Borrowed Types of Capital Natural Human
18. Entrepreneur An entrepreneur is a person who brings other factors of production in one place. He
19. Characteristics He has imagination. He has great administrative power. An entrepreneur must be a man of
20. Solved Examples on Factors of Production Q. Problem: All things used in producing goods, services, buildings,
21. Economics of Factor of production
23. Скачать презентацию

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Learning outline
To categorize the factors of production
Types of Factors of Production
Economic

nature of factors of production

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Types of factors of production

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Two types ofInputs

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Factors of production

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Land
It refers to all natural resources. All natural resources either on

the surface of the earth or below the surface of the earth or above the surface of the earth is Land.
One uses the land to produces goods. It is the primary and natural factor of production. All gifts of nature such as rivers, oceans, land, climate, mountains, mines, forests etc. are land.

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Characteristics of Land as a Factor of Production
The land is a

free gift of nature.
The land has no cost of production.
It is immobile.
The land is fixed and limited in supply.

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Types of Land
Residential
Commercial
Recreation
Cultivation
Extraction
Uninhabitable

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Residential Land
A residential area is a land used in which housing predominates, as opposed to industrial and commercial

areas.
Residential development is real estate development for residential purposes.

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Commercial areas
Commercial areas in a city are areas, districts, or neighbourhoods primarily composed of commercial buildings,

such as a downtown, central business district, financial district, "Main Street", commercial strip, or shopping center.
Commercial activity within cities includes the buying and selling of goods and services in retail businesses, wholesale buying and selling, financial establishments, and a wide variety of uses that are broadly classified as "business."

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Recreational land
Recreational land is land used for purposes of recreation.
Examples:

sports fields,
gymnasiums,
playgrounds, public parks and green areas,
public beaches and swimming pools,
and camping sites.

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Cultivation land
Cultivation land is arable land that is worked by plowing and sowing and raising crops.
Agriculture is the science, art, or occupation concerned with cultivating land, raising crops, and feeding, breeding, and raising livestock; farming.
Agriculture in Kazakhstan remains

a small scale sector of Kazakhstan's economy. Agriculture's contribution to the GDP is under 10% - it was recorded as 6.7%, and as occupying only 20% of labor. At the same time, more than 70% of its land is occupied in crops and animal husbandry.
Compared to North America, a relatively small percentage of land is used for crops, with the percentage being higher in the north of the country. 70% of the agricultural land is permanent pastureland.

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Extraction land
Extraction is the act or process of extracting something.
Mining is the extraction

of valuable minerals or other geological materials from the earth, usually from an orebody, lode, vein, seam, reef or placer deposit.
These deposits form a mineralized package that is of economic interest to the miner.

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Uninhabitable land
Uninhabitable
Is unsuitable for living in.
This theory divides the earth

into three zones that are uninhabitable owing to extreme temperatures and two zones that are temperate and therefore inhabitable.

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Labor
All human effort that assists in production is labour. This effort

can be mental or physical. It is a human factor of production. It is the worker who applies their efforts, abilities, and skills to produce.
The payment for labour is the wage.

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Characteristic
It is a human factor.
One cannot store labour.
No two types of

labour are the same.

Types of Labor
Unskilled
Semi-skilled
Skilled
Professional

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Capital
Types of Capital
Physical
Fixed
Working
Venture
Financial
Own
Borrowed
Types of Capital
Natural
Human
Social

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Entrepreneur
An entrepreneur is a person who brings other factors of production

in one place. He uses them for the production process. He is the person who decides
What to produce
Where to produce
How to produce
A person who takes these decisions along with the associated risk is an entrepreneur.
The payment for entrepreneur is profit.

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Characteristics
He has imagination.
He has great administrative power.
An entrepreneur must be a

man of action.
An entrepreneur must have the ability to organize.
He should be a knowledgeable person.
He must have a professional approach.

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Solved Examples on Factors of Production
Q. Problem: All things used in producing goods,

services, buildings, ideas are
Natural resources
Capital resources
Resources
Human Resources

Problem: Which of the following is one of the three economic questions?
In what order should I produce
What color should I produce?
How many should I produce?
What should I produce?

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Theory of Factors of Production and Production Function

Содержание

Learning outlineTo categorize the factors of productionTypes of Factors of ProductionEconomic

Types of factors of production

Two types ofInputs

Factors of production

LandIt refers to all natural resources. All natural resources either on

Characteristics of Land as a Factor of Production The land is a

Types of LandResidentialCommercialRecreationCultivationExtractionUninhabitable

Residential Land A residential area is a land used in which housing predominates, as opposed to industrial and commercial

Commercial areasCommercial areas in a city are areas, districts, or neighbourhoods primarily composed of commercial buildings,

Recreational landRecreational land is land used for purposes of recreation. Examples:

Cultivation land Cultivation land is arable land that is worked by plowing and sowing and raising crops. Agriculture is the science, art, or occupation concerned with cultivating land, raising crops, and feeding, breeding, and raising livestock; farming.Agriculture in Kazakhstan remains

Extraction land Extraction is the act or process of extracting something.Mining is the extraction

Uninhabitable land UninhabitableIs unsuitable for living in.This theory divides the earth

LaborAll human effort that assists in production is labour. This effort

Characteristic It is a human factor.One cannot store labour.No two types of

CapitalTypes of CapitalPhysicalFixedWorkingVentureFinancialOwnBorrowedTypes of CapitalNaturalHumanSocial

Entrepreneur An entrepreneur is a person who brings other factors of production

Characteristics He has imagination.He has great administrative power.An entrepreneur must be a

Solved Examples on Factors of Production Q. Problem: All things used in producing goods,

Economics of Factor of production

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