A project on features and characteristics of factors of production is available for study and PDF file is available for Download.
Summary of factors of Production project:
Factors means inputs and finished goods means output. Input decides the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called as “Production Function”.
All factors like land, labour, capital and entrepreneur requires altogether at a time to produce a commodity. In economics, production means creation or an addition of utility.
4 Factors of Production In Economics – Meaning ↓
It refers to inputs required for conducting production. Input is the starting point of every production activity.
According to Prof. Benham, “Anything that contributes towards output is a factor of production.”
Mere existence of anything doesn’t make it a factor but its contribution in production process is a necessary condition. Dr. Alfred Marshall described as “Agents of Production”. Cooperation among factors is essential to produce anything because production is not a job of single factor.