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FACTOR OF PRODUCTION
The Monetary System When you walk into a restaurant to buy a meal, you get somet~g of value-a full stomach. To pay for this service, you might hand the restaurateur several worn-out pieces of greenish paper decorated with strange symbols; government buildings, and the...
FACTOR OF PRODUCTION
Economies of large-Scale Production Efficient of Capital Equipment. There is a large scope for the u ‘e of machinery which results in lower costs. A large producer can in an up-to date and expensive machinery. He can also have his own repairing unit....
FACTOR OF PRODUCTION
SCALE OF PRODUCTION The scale of production has an important bearing on the cost of production. It is the manufacturers’common experience that larger the scale of production. the lower generally is the average cost of production. That is why the entrepreneur is...
FACTOR OF PRODUCTION
CYCLE OF POVERTY AND ILLITERACY Thus, under developed economies are caught up in the vicious circle of poverty on both the supply and the demand sides of capital formation. Once the vicious circle is broken and the country starts developing, the growth becomes...
FACTOR OF PRODUCTION
Who is an Entrepreneur in a Joint Stock Company? The main parties involved in a joint stock company are the shareholders, directors and the management. The shareholders have risked their money but-they do not exercise any control over the business except in a very...
FACTOR OF PRODUCTION
ENTERPRISE The role that the entrepreneur plays consists in co – coordinating and correlating the other factors of production. He starts the work, organised and supervises it. He undertakes to remunerate all the factors of production: to pay rent to the...
