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FACTORS OF PRODUCTION: The four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. These are also called resources or scarce resources. The term "factors of production" is quite descriptive of the function these "resources" perform. Labor, capital, land, and entrepreneurship are the four "factors" or items use in the "production" of goods and services. So there you have it "factors" of "production."

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Lesson 14: Production | Unit 5: Supply Page: 23 of 25

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A review:
  • Production: Each production operation, for example, combines assorted labor, capital, and land inputs (through the organization of risk-taking entrepreneurship) to produce valuable goods and services.

  • Short-run Production: Each production operation, regardless of whimsical name, is guided by the basic short-production principle -- the law of diminishing marginal returns.

  • Long-run Production: Each production operation also engages in long-run planning even while it is engaged in short-run production.

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INCREASING MARGINAL RETURNS

In the short-run production by a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. This is one of two alternatives for marginal returns. The other is decreasing marginal returns. A related phenomenon for long-run production is increasing returns to scale.

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