糞四第張八第日四初月十年酉辛歷夏
WAH KIU YAT PO
郭日僑華
1982
中學會考試題預習專欄
經濟及公共事務或
明德出版社
王啟光
提供資料 2陳勵德
ECONOMICS & PUBLIC AFFAIRS (5)
K.K. Wong & L.T. Chan
| MILL & DALE PRESS LTD.
Factors of production:
I. Factors of production
Since production is defined as any activity directed to satisfy human wants by manufacturing. goods and services: with the assistance
of available:
resources, the producers require a number of inputs in production, For
example, for growing cropsy cultivated : land, irrigation, machinery and workers are needed.
The factor: inputs involved in the production process
are termed factors of
production in
economics. They include all the productive resources in human economy.
Therefore, factors of production can be defined resources available to produce goods and services in order to satisfy humans wante
There are four factors. of production, namely, land, capital Jabour and entre preneur. Land and
capital are called the non-human factors
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where labour and the entrepreneur are
called human factors. The production unite
(the individual
enterprisings are
firms) could make full .usė
of the factors of production by combining them in the more appropriate way so as to achieve the greatest output and maximize the profit.
Land refers not only to the site. where production activities can be carried out, but also the natural resources ande available from the nature. Therefore land includes
agricultural land industrial site, mineral resources, forests, mountains, sens, grasslands and climate.Landis
often regarded as a free gift of nature because it is
provided for everyone in the society, Furthermore, land is. also limited in supply.. Capitaliano!
Capital refera to
those man-made
resources.
or capital goods.which are employed in every stage of production. Usually, the capital goods are not needed directly for on immediate consumption and they are used for further stages of production to make. consumer goods directed to the hands. of consumers,
3.Labour:
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Labour refers to
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all: actual effort,
mental and physical, skilled and unskilled, applied to the production of goods and services and for which payment to labour is called wages, Because labour is a human factor in production the.
provision of lahour depends upon t populution, mobility of labour and the social and psychologrcal aspects of the workers,
trepreneur;
Entrepreneurr human factor. separated from labour
Entrepreneurship refers to the organization ability and managerial skills in production, It is hecause the entrepreneur have to combine and fully utilize the other three factors of production in business decision making, In other words, the " ..entrepreneur may be
the industrialists or the managers in the production unit. He: or she has to make vital:decisions of policy regarding the method of: production to be employed and the quality.of.the output. In addition ∴to receiving residual
profit, the
entrepreneur bears the risk of “
production because. the firm may have the chance to'suffer loss.
II. The law of
diminishing returns.
Supposing that the
production of a
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ommodity require two factore of production, land and labour. If successive units of variable factor: (one whose amount can veryy are added to a given quantity of a fixed factor (one. whose amount cannot be altered), the addition of more and more:units of the: variable factor will in the end lead to a decline in the additional output resulting from the: addition of an extra unit of the variable factors.
For example, in the production of wheat we are using various alternative
quantities of labour per unit of time to farm a fixed amount of land and recording the resulting alternative outputs of wheat per unit of. time.
The average product of labour(AF¡)
then defined as total product(TP) divided by the number of units of labour used, The marginal product of labour(MP) is given by the change in TP per unit change in the quantity of labour Cused. In the table
below, land is measured in acres. Tabour in man-years and total product(TP) in bushels.
(1)
(2)
(3)(4)
(5)
Land Labour TP
AP. MP.
1
0
0
0
3.
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MP
According to the diagram, , the MP rises. at first, reaches a maximum (before the reaches its AP, maximum) and then declines, The MP, becomes zero when the TP is maximum, and negative when the TP begins to decline. The following position of: the MPa sure. illustrate the law of diminishing returns.
The law of diminishing returns states that if one
factor of pro small,
is increased by constant amounts, all. other factor
quantities being held constant, then after some point the
resulting increases in an output become
smaller and smaller.
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only on
prof ion that
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the state of
technology is given
and that no new ::
production methods:
are introduced during any period in which the law applies.
II The application of
the law of
Viminishing returns.
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Land is subject
to the law of
diminishing: returnsa Land is a factor which particularly
·suffered from the law of diminishing
If the returns, certain:quantity of the factor Tand ia given, with the. Land the entre- preneur combines increasing quantity of land or capital. It is found that soonerror later-the addition' of further quantities of labour and capital would result in, dioʻnish- ing returns. As a result, the output per unit of the additional factors would be decreasing.
Other factors of productions are alar subject to the law of diminishing
returns.
Today, the theory of diminishing returns retricts not only, landin production, hat also the other productive factors: such as labour, capital and 'entrepreneur,
Because of the
印
increasing scale of production, the loss in production would
be more possible.
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