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  2. Factors of production - Wikipedia

    en.wikipedia.org/wiki/Factors_of_production

    In markets, entrepreneurs combine the other factors of production, land, labor, and capital, to make a profit. Often these entrepreneurs are seen as innovators, developing new ways to produce new products. In a planned economy, central planners decide how land, labor, and capital should be used to provide for maximum benefit for all citizens ...

  3. Factor endowment - Wikipedia

    en.wikipedia.org/wiki/Factor_endowment

    A factor endowment, in economics, is commonly understood to be the amount of land, labor, capital, and entrepreneurship that a country possesses and can exploit for manufacturing. Countries with a large endowment of resources tend to be more prosperous than those with a small endowment if all other things are equal. The development of sound ...

  4. Labour economics - Wikipedia

    en.wikipedia.org/wiki/Labour_economics

    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 ...

  5. Production (economics) - Wikipedia

    en.wikipedia.org/wiki/Production_(economics)

    However, there is a difference between human capital and labour. [5] In addition to the common factors of production, in different economic schools of thought, entrepreneurship and technology are sometimes considered evolved factors in production.

  6. Long run and short run - Wikipedia

    en.wikipedia.org/wiki/Long_run_and_short_run

    In the long-run, firms change production levels in response to (expected) economic profits or losses, and the land, labour, capital goods and entrepreneurship vary to reach the minimum level of long-run average cost. A generic firm can make the following changes in the long-run: Enter an industry in response to (expected) profits

  7. Means of production - Wikipedia

    en.wikipedia.org/wiki/Means_of_production

    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 .

  8. Entrepreneurial economics - Wikipedia

    en.wikipedia.org/wiki/Entrepreneurial_economics

    Entrepreneurship is difficult to analyse using the traditional tools of economics, e.g. calculus and general equilibrium models. Current textbooks have only a passing reference to the concept of entrepreneurship and the entrepreneur. [4] Equilibrium models are central to mainstream economics, and exclude entrepreneurship. [5]

  9. David Ricardo - Wikipedia

    en.wikipedia.org/wiki/David_Ricardo

    Ricardo illustrates his point by adapting Smith's deer beaver analogy [26] to show that even when labour is the only factor of production the hardship and tools of the labour will drive a wedge in the relative value of the good. Due to his criticisms of the Labour Theory of Value George Stigler called his theory a "93% labor theory of value". [27]