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Factors Of Production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four ''basic'' resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods". There are two types of factors: ''primary'' and ''secondary''. The previously mentioned primary factors are land, labour and capital. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labour, and capital. The primary factors facilitate production but neither becomes part of the product (as with raw materials) nor becomes significantly tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——— or "The Father of Capitalism",———— he wrote two classic works, ''The Theory of Moral Sentiments'' (1759) and '' An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is considered his ''magnum opus'' and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God’s will and instead appeals to natural, political, social, economic and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage. Smith studied social philosophy at the University of Glasgo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Power
Labour power (in german: Arbeitskraft; in french: force de travail) is a key concept used by Karl Marx in his critique of capitalist political economy. Marx distinguished between the capacity to do work, labour power, from the physical act of working, labour. Labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly. Under capitalism, according to Marx, the ''productive powers of labour'' appear as the ''creative power of capital''. Indeed, "labour power at work" becomes a component of capital, it functions as working capital. Work becomes just work, workers become an abstract labour force, and the control over work becomes mainly a management prerogative. Definition Karl Marx introduces the concept in chapter 6 of the first volume of ''Capital'', as follows: :"By labour-power or capacity for labour is to be understood the aggregate of those mental and physical c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Das Kapital
''Das Kapital'', also known as ''Capital: A Critique of Political Economy'' or sometimes simply ''Capital'' (german: Das Kapital. Kritik der politischen Ökonomie, link=no, ; 1867–1883), is a foundational theoretical text in materialist philosophy, critique of political economy and politics by Karl Marx. Marx aimed to reveal the economic patterns underpinning the capitalist mode of production in contrast to classical political economists such as Adam Smith, Jean-Baptiste Say, David Ricardo and John Stuart Mill. While Marx did not live to publish the planned second, third and fourth parts, the second and third volumes were completed from his notes and published after his death by his colleague Friedrich Engels; the fourth volume was completed and published after Engels's death by Marxist philosoper Karl Kautsky. ''Das Kapital'' is the most cited book published before 1950 in the social sciences. Themes In ''Das Kapital'' (1867), Marx proposes that the motivating forc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means Of Labor
The means of labor (also called instruments of labor) is a concept in Marxist political economy that refers to "all those things with the aid of which man acts upon the subject of his labor, and transforms it." (Institute of Economics of the Academy of Sciences of the U.S.S.R., 1957) Means of labor include tools, machinery, buildings and land used for production, and infrastructure such as roads, telecommunications networks, and so forth. Labor, itself, defines "work, especially hard physical work." The means of labor are one of three basic factors of production (Marx, 1967, p. 174), along with human labor and the subject of labor (the material worked on). The means of labor and the subject of labor compromise the means of production of society. In some formulations, the means of labor and human labor (including the activity itself as well as the laborer's skills and knowledge used in production) comprise the productive forces of society (e.g., Sheptulin, 1978). Other formulat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productive Forces
Productive forces, productive powers, or forces of production (German: ''Produktivkräfte'') is a central idea in Marxism and historical materialism. In Karl Marx and Friedrich Engels' own critique of political economy, it refers to the combination of the means of labor (tools, machinery, land, infrastructure, and so on) with human labour power. Marx and Engels probably derived the concept from Adam Smith's reference to the "productive powers of labour" (see e.g. chapter 8 of ''The Wealth of Nations'' (1776)), although the German political economist Friedrich List also mentions the concept of "productive powers" in ''The National System of Political Economy'' (1841). All those forces which are applied by people in the production process (body and brain, tools and techniques, materials, resources, quality of workers' cooperation, and equipment) are encompassed by this concept, including those management and engineering functions technically indispensable for production (as co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Southern Economic Journal
Southern may refer to: Businesses * China Southern Airlines, airline based in Guangzhou, China * Southern Airways, defunct US airline * Southern Air, air cargo transportation company based in Norwalk, Connecticut, US * Southern Airways Express, Memphis-based passenger air transportation company, serving eight cities in the US * Southern Company, US electricity corporation * Southern Music (now Peermusic), US record label * Southern Railway (other), various railways * Southern Records, independent British record label * Southern Studios, recording studio in London, England * Southern Television, defunct UK television company * Southern (Govia Thameslink Railway), brand used for some train services in Southern England Media * ''Southern Daily'' or ''Nanfang Daily'', the official Communist Party newspaper based in Guangdong, China * ''Southern Weekly'', a newspaper in Guangzhou, China * Heart Sussex, a radio station in Sussex, England, previously known as "Southern FM" * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any non ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Returns (economics)
Returns, in economics and political economy, are the distributions or payments awarded to the various suppliers of a good or service Wages Wages are the return to labor—the return to an individual's involvement (mental or physical) in the creation or realization of goods or services. Wages are realized by an individual supplier of labor even if the supplier is the self. A person gathering mushrooms in a national forest for the purpose of personal consumption is realizing wages in the form of mushrooms. A payer of wages is paying for a service performed by one or more individuals and sees wages as a cost. Rent In classical economics rent was the return to an "owner" of land. In later economic theory this term is expanded as economic rent to include other forms of unearned income typically realized from barriers to entry. Land ownership is considered to be a barrier to entry because land owners make no contribution to the production process. They simply prevent others from using t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renting
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade or business is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land (economics)
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. Factor of production Land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor. Natural resources are fundamental to the production of all goods, including capital goods. While the particular role of land in the economy was extensively debated in classical economics it played a minor role in the neoclassical economics dominant in the 20th century. Income derived from ownership or control of natural resources is referred to as rent. Ownership Because no man created the land, it does not have a definite original proprietor, owner or user. As a consequence, conflicting claims on geographic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
