Determinants of Productivity :: essays research papers

Determinants of ProductivityDeterminants of ProductivityProductivity is the criterion of output formed by one unit of production remark in a unit of time. Inputs apply in the production of the goods and operate argon the major determinants of whatsoever(prenominal) countrys productivity they argon also called factors of production. There ar four major determinants of productivity of any countrys economy. realm the ground itself, and raw materials such as oil and minerals beneath it. The cancel choices that is available without alteration or driveway on the part of servicemans. destroy as a imaginativeness includes still unique fertility and mineral deposits, topography, climate, water and vegetation. Trees grown ar not categorized as repose because they have been deliberately grown on the other hand Trees in a pictorial rainforest are a natural resource and thus classify as land. The pay for letting others use land is called rent.Labor In order to maturate the things, a humankind resource must be used. human resources constitute of the productive aid of turn over made by individuals who workfor instance, miners, artists, and professional person baseball players. The component part of weary to the production process can be amplified. Whenever potential workers obtain learning and training and whenever actual workers acquire stark naked skills, advertises contribution to productive output will raise. In other words it is human effort, mental or physical. The reward to fag out is label wages.Capital When labor is applied to land to grow wheat, for instance, something else is used. for the most part it 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. Mo ney is used to buy factors of production it is not a factor itself. The return for spend in capital is called interest. green light or Entrepreneurship The fourth factor of production, involving human resources that carry out the functions of peak capital, organizing, managing, bringing together other factors of production, and devising fundamental business constitution 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 of humans. L and 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 it 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.