5. Theory of Production.pptx - Theory of Production Prepared By Anamika Datta \u2022 \u2022 ALLPPT.com Free PowerPoint Templates Diagrams and Charts Michael

5. Theory of Production.pptx - Theory of Production...

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Theory of Production ALLPPT.com _ Free PowerPoint Templates, Diagrams and Charts Prepared By: Anamika Datta Michael Parker H.L. Ahuja Mohammad Saiful Islam
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Factors of Production Land, Labor, Capital and Organization
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Land Land stands for all the natural resources which yield an income or wh ich have exchange value. These resources may be useful or scarce, a ctual or potential Land has following features: Land is the nature’s gift to men. The quantity and quality of natural resources plays a vital role in th e economic development of a country. But growth depends on the efficient use of the available land. Land is fixed in quantity Land lacks mobility Inelastic supply of land
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Division of Labor
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Production Production is the transformation of input into output. Or, Production is the creation of utility or, creation or addition of value.
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