1982-10-24 — Page 19

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

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達成裝修

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K 304301 NOMDa

|时时长??吋請電:

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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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