factors, The
are
5. Labour:
Labour refers to all actual effort
育教僑華頁三第張五第日八初月九年戌壬夏
WAH KIU YAT PO
報日僑華
1983
entrepreneur called. human
日期星
II.The law of diminishing
returns.
中學會考試題預習專欄
經濟 (五)
明德出版社
王啓光
陳勵徳提供資料
ECONOMICS (5)
K.K. Wong & L.T. Chan
Mill & Dale Press. Ltd. Factors of production
I. Factors of production
Since production ia 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 inputa in production. For
example, for growing crops, cultivated : land, irrigation machinery and workers.
are needed.
The factor input息, 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 as all productive resources available
to produce
goods and services in -order to satisfy
human's wants.
There are four factors of production. namely, land capital, labour and
entrepreneur. "Land
and capital are called
the non-human factors where labour and the
production units (the
individual
enterprisings and
firms) could make
full use 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:
Land' refers not only to the site where production activities" can be carried out, but also the natural" resources made ca available from the nature. Therefore. land includes
agricultural land industrial site, mineral resources, forests, mountains, seas, grasslands and climate, land is often regarded as a free gift of nature
it is provided everyone in the society. Furthermore land is also limited. in supply. Capital:
Lo Cau
b. Capital refers to those man-made resources or capital goods which are employed in every:
·atage of production. Usually, the capital goods are not needed directly for immediate consumpt Lou end they are used for further. stage of production to
make consumer goods directed to the hands of consumers:
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 labour. depends upon population, mobility of labour "and" the social and paychological:aspécta of the workers.
4. Entrepreneur:
Entrepreneur. is human factor separated from labour.
Entrepreneurship. refers to the: organization ability and managerial skills ia production. It is because the
entrepreneur have to combine and fully utilize the other three factors of production in -businesa 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 entre preneur bears the
riak of production because the firm may have the chance to suffer loss.
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Supposing that the production of a
commodity require two factors of productio好, land and labour. If successive units of variable factor (one
whose amount can vary 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.而
For example, in the production of wheat we are using various alternative quantities of labour per unit of time to:farm a fixed camount of land and
recording the resulting alternative outputs of wheat per. unit of time.
The average product
is of labour (AP,
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 the TP per unit change in the quantity of labour: used. In the table below. land is measured in acres labour in man-years. and total product (TF) in bushels.
(1)
(2)
(3) (4) (5)
Land Labour TP
AP.
MP
C
L
水電大小工程的重
達成裝修
緻櫃翻新换狀邊服務 再上門按裝事理冷氣說 冷氣雪櫃
K 304301 NOMDa
|时时长??吋請電:
一敕元對誣:沽批發問
蚊 鐵
日四廿月十年二八九一歷公年一十七國民中
0
·3
3
12
15
17.
17
17
16
2
13 12
TPAR
According to the
diagram, the
at first,
0354 3
魚
Eon one acre of land
rises
reaches a
maximum (before the APy reaches ita
maximum) and then declines. The MP,
becomes zero when th TP is maxinum and negative when the TP begina to decline. The following position of the MP. arrue illustrate the law of diminishing.returus.
The law of
diminishing returns states that if one: factor of production is increased by small,
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constant amounts, all other factor
quantities being held
constant, then after some point the hok
resulting increases: in output become smaller and smaller.
This law iss
..
propounded only on
the assumption that the state of technology, is given and that no
new
production methods are introduced during any period in: which the law applies.
III. The application of
the law of
diminishing returns: Land is subject to the law of diminishing returns.
Land is a factor which particularly
suffered from the law of diminishing returns. If the certain quantity of the factor land is given with the land the entreprencur combines increasing quantity of land or capital. It is found that sooner or later the addition of further quantities of Labour and capital would result in diminishing returns'. As a result, the output per unit of the additional factors. would be decreasing. Other factors of productions are also subject to the law of diminishing returns..
Today, the theory of diminishing returns restricts not only land in production. but also the other productive factors such ae labour. capital and mo entrepreneur. Because of the increasing
scale of production.
the losses in
E
production would be
more possible
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