Here is the directions on what to do and then ill further explain them in a simpler detail
Write two to three pages on the Factors of Production. Include examples of each factor and a discussion about the number of them. Draw a personal conclusion about which number of factors is “better” – 3 factors (excluding entrepreneurship) or 4 factors (including entrepreneurship) and your arguments for it. Use APA style for citations and a works cited page.
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In this paper you need to argue if entrepreneurship belongs in the factors of production or can it stand alone.
Here is the order on how you need to write this paper
In this paper, you need to start off by saying what are the factors of production, which they are Land (natural resources), Labour, Capital, and entrepreneurship and give examples of each factor of production (You will spend the majority of the paper on this).
Then have a paragraph that introduces the controversy about if entrepreneurship belongs in the factors of production or does it stand alone in its own category.
Then you will draw your conclusion (pick if entrepreneurship belongs in the factors of production or does it stand alone) and tell why. You can go ahead and choose which side you think is best.
When writing this paper please make it make since as if someone who had no idea what this was could ready it and understand it clearly.
Factors of production refer to the inputs to the process of production. Inputs determine the quality and quantity of output. These factors form the starting point and dictate the end results. In the economic context, there exist three fundamental factors of production: labor, land and capital. However, some modern scholars include entrepreneurship as the fourth factor of production. Economics further categorize land and labor as the primary factors while capital and entrepreneurship are considered secondary factors of production (Baumol & Blinder, 2012). The analysis in the subsequent sections focuses on the four factors in details. In addition, an argument is developed on whether entrepreneurship ought to be included in the elements of production.
Land is a natural resource and includes all the natural components such as, rivers, forests, fishing grounds, coal mines and farmland. In practice, it is difficult to distinguish land from capital but hypothetically, land portrays two characteristics which distinguish it. To start with, its supply is fixed. As it encompasses the ocean in definition, then it refers to the entire planet, and obviously that cannot be adjusted through human effort. Secondly, being a gift of nature, land …
Capital consists of the real physical assets owned by the members of the society. Alternatively, capital can defined as all the goods used in the creation of further wealth. It can be divided into fixed and working capital. Fixed capital includes things such as roads, machinery and buildings (Baumol & Blinder, 2012). Working capital, also known as circulating capital consists of inventory of raw materials and semi-finished goods. The difference is that fixed capital is used repeatedly, while circulating capital is used in a single production process. For instance, a classroom is fixed capital while the stationary used by the teacher such as chalk is a circulating capital. Capital is categorized as ….
Labor Labor involves the exercise of physical and mental effort of a person directed towards the creation of goods and services. This definition includes all the human effort exercised for reward. The reward is either in salaries, wages or gains from
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