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09.14.09 notes - Factors of Production and Measures of...

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Factors of Production and Measures of Wealth : Factors of Production: 1. Land quantity and characteristics of land e.g. soils, minerals, forests, fisheries, animals, water resources, geographic location, climate 2. Labour relative abundance or scarcity if abundent then wages then to be lower if labour is scarce then wages will be higher Productivity: relative value of output/unit of labour cost of labor health of workers skill lvels (unkilled, semi-skilled. Scientific and technical knowledge, indigenous knowledge) Entrepreneurship propensity to innovate and create special management and decision making skills \ 3. Finance capital access to $ through national savings, external loans or aid, and or foreign direct investment Physical Capital (private) e.g. intrastructures, equipment, buildings, fertilizer ***(said in class) donkey can be used as capital when it used for transport physical capital (public) facilities of health, education, transport 4. Government policies ; eg. Rates and money supply and social investment
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