Factors of Production Theory Assignment
Answer at least 5 sentences
Factors of Production
1. Briefly define each factor of production.
Land: Land includes everything that can be used to produce and is not man-made. For example: sunlight, air, water, wind, and soil. Land includes all the raw materials. It is very important for human survival.
Labour: Labour exists in order to use land. In order to utilize the land, humans must alter the land resources and produce something based on it. People are labour resources. Labour will convert raw materials to useable materials or products that will satisfy the wants and the needs of humans.
Capital: Capital represents the wealth that are used for the production. When the produced land materials and
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For example, an investor buys several pieces of land. If he/she does not develop the land into houses, buildings or shopping malls, the land would not generate much profit to the investor by simply standing there. In addition, unlike labour and capital, land is fixed and immovable, therefore it has limited …show more content…
How do capital and labour differ from land?
Capital is produced by humans whereasland is not.
Capital is movable whereas land is not.
Labour is an active factor of production whereas land is a passive factor of production.
Labour is produced by humans whereas land is not.
Land includes basic elements needed in production whereas labour is the one that makes usage of the basic elements. 6. What is the difference between a good and a service?
A good is a product or an object that is manufactured and sold. On the other hand, a service is the performance of individual(s). The biggest difference between the two is that a good is tangible and a service is intangible. In addition, the ownership of a good and the ownership of a service are different. For example, if one buys an air conditioner, he/she owns it. But if he/she pays for the service for the air conditioner to be installed, the ownership of this service is ambiguous.
7. Why is the idea of scarcity a starting point for thinking
Service is when someone uses their skill and effort to enrich the wellbeing of others. It is an inherited trait of every individual to look after himself or herself. Service is a benevolent or an altruistic effort in which the benefits typically used for oneself are offered to another. Temple hospital offers community health workers to patients who are in need.
a basis of production, and the only way to operate large farms at the time,
The play Kamau by Alani Apio exhibits a very strong example of the dramatic difference between the ways that local and non-local people view the value of land. The main character Alika is much attached to the land that his family has lived on for years, as the land that they’ve lived on has become their undeniable home. Alika works for a tour company that takes tourists around the island and gives a brief history of things that have happened on the island. However, Alika’s boss, Jim, is employed at a company that has just bought the land that Alika and his family live on and this company plans to build a resort in place of Alika’s home. The land in question has two very different meanings to two very different people. The struggle and
"By increasing the fertility of the land, it increases its abundance. The improvements of agriculture too introduce many sorts of vegetable foods, which, requiring less land and not more labor than corn, come cheaply to the market."
Land is the most valued piece any man could have. If they didn’t have land then money was hard to earn because you had no crops. Steinbeck shows this in the first chapter of The Grapes of Wrath. “And the women came out of the houses to stand beside their men-to feel whether this time the men would break.” (Steinbeck 6) This quote is after the men wake up to find their ruined corn form the dust storms. The men would become angry at his crops and the dust storms because if they didn’t get money soon they would lose their land. Though this does not apply to some men in the book, some man gave up, knowing that feeding their family was more important, that the land was already destroyed anyway. They took part in destroying the land, destroying people’s home. These men were described as part of the monster, the tractor, that they had no feeling for the land that was being plowed. “I got d**** tired of creeping for my dinner-and not getting it. I got a wife and kids. We got to eat. Three dollars a day, and it comes every day.” (Steinbeck 50) This quote is from the tractor driver that is plowing the fields for the bank. He is arguing with the tenant about not caring for the land that ...
He is not only a farmer, but also a writer. He writes about the differences between industrialism and agrarianism. He states these two types of societies are “two nearly opposite concepts of agriculture and land use, but also two nearly opposite ways of understanding ourselves, our fellow creatures, and our world.” He highlights that agrarianism is about the land, plants, and the rest of nature. Industrialism is about high technology machines and increasing profit. He compares industrialism to mining, saying that when used, it only abuses the land (Berry). For Berry, and other agrarianists, farming is so much more than planting and harvesting as quickly as possible. Old traditions are used, and the hard work that is put into the crop, is done so with love. Agrarian societies practice subsistence agriculture, meaning they grow just enough food to support their families. This culture’s practices are done with the goal of being completely
These two classes are defined by their relationships to productive resources, such as land, factories, machinery, raw materials etc. these are known as ‘means of production’.
(Wood) Although this division of appropriators and producers comes about in many forms, varying from time to place, it has always remained so that the direct producers were usually peasants, remaining in possession of the means of production, most specifically land. Wood claims that the most basic differentiation between capitalism and pre-capitalist societies is not a matter of production being urban or rural, but in fact it is the particular property relations between appropriators and producers in agriculture or
Marx’s theory of alienation describes the separation of things that naturally belong together. For Marx, alienation is experienced in four forms. These include alienation from ones self, alienation from the work process, alienation from the product and alienation from other people. Workers are alienated from themselves because they are forced to sell their labor for a wage. Workers are alienated from the process because they don’t own the means of production. Workers are alienated from the product because the product of labor belongs to the capitalists. Workers do not own what they produce. Workers are alienated from other people because in a capitalist economy workers see each other as competition for jobs. Thus for Marx, labor is simply a means to an end.
product he creates. As a result labour is objectified, that is labour becomes the object of
· 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 work—for 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, labor’s contribution to productive output will raise. In other words it is human effort, mental or physical. The reward to labor is label wages.
He argued that land taxes are superior to property taxes. He asserted that land taxes, in contrast to property taxes, do not penalize entrepreneurs for the development of their land. While property taxes will go up with time with the development of land, land taxes will stay the same, so that the marginal cost for development is lower when only land taxes are in place. The development of land is certainly potentially positive for society, as it encourages the growth of business and other economic
Capitalism controls or enslaves the laborer by making his existence dependent on the process of production instead of the production of the labor for himself. The laborer is historically different in a capitalist society because he is separated from production. He no longer produces for himself but instead for the general wealth, or the wealth of the capitalist. Capitalism controls even the capitalist himself by turning him into a mechanism which acts as the driving force of capitalism. As a consequence, the capitalist creates a society which is alienating and brutal for the laborer. However, the domination of the capitalist system leads to the creation of a collective working group that can become a form for human development and the creation of new radical social changes.
This can also include the water or ocean that is close to the facility. The factor of production called land most often comprises the natural and raw materials which are used in production and are at the disposal of the production facility. (2) Labor The "labor" factor of production is also often called the Labor force, and this already hints at what this factor is. The employees who work in the production facility, or are a part of the production process, are what is defined as the labor factor of production. What is important to note is that this can also include technical or marketing knowledge.
How is the important of food production? That agriculture is one of the most essential means of producing food is realized easily when we think of the types of things that we eat. The rice or wheat that we eat comes from the land. Even potatoes and other roots or vegetables and even leaves such as tea, as well as the fruits that men eat are the products of the soil that covers the earth. In fact, everything that we eat, except meat, fish and other kinds of flesh comes from the land, and what grows on the land is part of agriculture. Even the sugar, oil, coffee and other beverages that we use are products of plants that grow on land. In the same way, many of the medicines that we use is made of plants that grow in various parts of the