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Factors of production
FACTORS OF PRODUCTION

Definitions:

i. Inputs that are used in the production of goods and services in order to make economic profit.

ii. In economics, factors of production are what is used in the production process to produce output - that is, finished goods and services.
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* All six elements should be in.


1. Purpose and necessity to produce known for sure (see definition).

2. Factors will be certainly specific and identifiable:
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a. (The) law.

b. (The) land.

c. (Real) Labour.

d. (True) Capital.

e. (Active) Entrepreneur.
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See perfect USEFULNESS.

See perfect JOB CREATION.

Quote: "Your positive action combined with positive thinking results in success". - Shiv Khera.



3. Listed or recognized factors will be measurable and/or assessable.

4. Quantities and qualities will be real or realistic:
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a. Enforced, a law - with zero tolerance for infractions.

b. Nurtured - the land, with environmental-friendliness.

c. Insured, the capital and so able to serve maximally.

d. Sustained - the labour, to offer best productivity.

e. Protected, the entrepreneur, by policies or rules.
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See perfect CUSTOMER NEED.

See perfect SUPPLY AND DEMAND.

Quote: "The secret of success is constancy of purpose". - Benjamin Disraeli.



5. All factors are or can be available whenever wanted or demanded.

6. Production function and inevitable consequence is favourable.
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a. Due process observed all through production line.

b. Job satisfaction and employee engagement right.

c. Diversification, research and development on.

d. Systematic growth and expansion are assured.

d. Trade/exchange, marketing/consumption, etc.
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See perfect REALIZATION (2).

See perfect KNOWLEDGE ECONOMY.

Quote: "It is amazing what you can accomplish if you do not care who gets the credit". - Harry S. Truman.

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