What is Production Function ?
Factors of production agency inputs as well as finished goods agency output. Input decides the quantity of output i.e. output depends upon input. Input is the starting betoken as well as output is the halt betoken of production procedure as well as such input-output human relationship is called every bit "Production Function".
All factors of production similar land, labour, working capital missive of the alphabet as well as entrepreneur are required altogether at a fourth dimension to create a commodity. In economics, production agency creation or an add-on of utility.
4 Factors of Production In Economics - Meaning ↓
Factors of production refers to inputs required for conducting production. Input is the starting betoken of every production activity.
According to Prof. Benham, "Anything that contributes towards output is a percentage of production."
Mere beingness of anything doesn't become far a percentage of production merely its contribution inward production procedure is a necessary condition. Dr. Alfred Marshall described factors of production every bit "Agents of Production". Cooperation amid factors is essential to create anything because production is non a project of unmarried factor.
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Four Factors of Production In Economics - Chart ↓
Following nautical chart provides brief tabulated data on four factors of production.
Land, Labour, Capital as well as Entrepreneur - Articles ↓
- blogspot.com//search?q=land-is-natural-factor-of-production">Land is a Natural Factor of Production as well as Features of Land.
- blogspot.com//search?q=land-is-natural-factor-of-production">What is Labour as well as Labourer? Meaning as well as Features of Labour.
- blogspot.com//search?q=land-is-natural-factor-of-production">What is Capital? Meaning, Features as well as Types of Capital.
- blogspot.com//search?q=land-is-natural-factor-of-production">Who is Entrepreneur? Qualities / Skills of an Entrepreneur.
