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The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). [1] The factors are also frequently labeled " producer goods or services " to distinguish them ...
The social means of production are capital goods and assets that require organized collective labor effort, as opposed to individual effort, to operate on. [7] The ownership and organization of the social means of production is a key factor in categorizing and defining different types of economic systems. The means of production includes two ...
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. [1] The area of economics that focuses on production ...
Labour is a measure of the work done by human beings. It is conventionally contrasted with other factors of production, such as land and capital. Some theories focus on human capital, or entrepreneurship, (which refers to the skills that workers possess and not necessarily the actual work that they produce). Labour is unique to study because it ...
Economics. Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. [1] Human capital has a substantial impact on individual earnings. [2]
Business and economics portal. v. t. e. Human resource management (HRM) is the strategic and coherent approach to the effective and efficient management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in service of an employer's strategic ...
Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. [2] It guides managers in making decisions relating to the company's customers, competitors, suppliers, and ...
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. [1][2] A narrower concept is human capital, the knowledge and skills which the individuals command. [3] Similar terms include manpower, labor, labor-power, or personnel. The Human Resources department (HR department ...