Determinants of Productivity :: essays research papers

Determinants of productivityDeterminants of ProductivityProductivity is the quantity of payoff formed by one building block of production input in a unit of time. Inputs used in the production of the goods and services be the major determinants of any awkwards productivity they are besides called ciphers of production. There are four major determinants of productivity of any countrys economy. Land the go through itself, and unrefined materials such as anele and minerals beneath it. The inwrought resources that is available without variety or effort on the part of humans. Land as a resource includes only fantastic fertility and mineral deposits, topography, climate, water and vegetation. Trees openhanded are not categorized as the three estates because they have been intentionally grown on the separatewise hand Trees in a natural rainforest are a natural resource and thus illuminate as land. The reward for permit others use land is called rent.Labor In order to defecate the things, a human resource must be used. human resources consist of the cultivatable aid of fag made by individuals who workfor instance, miners, artists, and professional baseball players. The contribution of labor to the production surgical procedure can be amplified. Whenever potency workers obtain schooling and training and whenever unquestionable workers acquire new skills, labors contribution to productive sidetrack will raise. In other words it is human effort, mental or physical. The reward to labor is stigmatize wages.Capital When labor is applied to land to grow wheat, for instance, something else is used. Generally it is a plow or a tractor. That is to say, land and labor are shared out with manufactured resources in order to produce the things that we need. These manufactured resources are called crown, which consists of machines, buildings, and tools. Additionally, capital consists of enhancement to natural resources, such as irrigation ditches. Mone y is used to bribe factors of production it is not a factor itself. The return for investing in capital is called interest.Enterprise or Entrepreneurship The after part factor of production, involving human resources that press out out the functions of raising capital, organizing, managing, bringing unneurotic other factors of production, and making implicit in(p) business policy decisions.Determinants of Productivity essays research papers Determinants of ProductivityDeterminants of ProductivityProductivity is the quantity of output formed by one unit of production input in a unit of time. Inputs used in the production of the goods and services are the major determinants of any countrys productivity they are also called factors of production. There are four major determinants of productivity of any countrys economy. Land the land itself, and raw materials such as oil and minerals beneath it. The natural resources that is available without alteration or effort on the part o f humans. Land as a resource includes only unique fertility and mineral deposits, topography, climate, water and vegetation. Trees grown are not categorized as land because they have been deliberately grown on the other hand Trees in a natural rainforest are a natural resource and thus classify as land. The reward for letting others use land is called rent.Labor In order to produce the things, a human resource must be used. human resources consist of the productive aid of labor made by individuals who workfor instance, miners, artists, and professional baseball players. The contribution of labor to the production process can be amplified. Whenever potential workers obtain schooling and training and whenever actual workers acquire new skills, labors contribution to productive output will raise. In other words it is human effort, mental or physical. The reward to labor is label wages.Capital When labor is applied to land to grow wheat, for instance, something else is used. Generally i t is a plow or a tractor. That is to say, land and labor are shared with manufactured resources in order to produce the things that we need. These manufactured resources are called capital, which consists of machines, buildings, and tools. Additionally, capital consists of enhancement to natural resources, such as irrigation ditches. Money is used to buy factors of production it is not a factor itself. The return for investing in capital is called interest.Enterprise or Entrepreneurship The fourth factor of production, involving human resources that carry out the functions of raising capital, organizing, managing, bringing together other factors of production, and making fundamental business policy decisions.