factors of production essay grade 11

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Economics Gr. 11 T1 W2: MACROECONOMICS: Factors of Production

Economics Grade 11 Term 1 Week 2: Macroeconomics: Factors of Production

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Factors of Production, Essay Example

Pages: 3

Words: 821

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The production factors of are land, capital, labor, and enterprise.  These factors assist in the production process. Any production process must employ these factors of production in order to provide output. The factors of production facilitate the processing of production inputs to yield product outcomes. Land implies the physical environment or the natural resources employed in the production of the commodity. The returns from this factor of production are rent. Labor refers to the human physical and mental input used in the production. The returns for the provision of labor are wages.  Capital is also a factor in production and can be either financial capital or in the form of assets. The returns of capital are interests. The final factor of production is enterprise. This is the skillful combination of the other factors of production in order to maximize gains and reduce looses. The returns to enterprise are profits.

Enterprise is an essential factor in the production process as it is what leads to profits. Without enterprise, the combination of all the other factors will not yield any positive outcome. It is entrepreneurship that drives profitable production through skill and enterprise. The quality of outcome from the enterprise used in the production process depends of skill and initiative taken by the entrepreneur. The limits to this factor of production are lack of skill initiative and knowledge in the production process. The acquisition of the skill necessary to facilitate entrepreneurship restricts the quality of enterprise used. Where the entrepreneur has more skill and enterprise it translates to higher profits. In order to employ enterprise in production, it is essential to have knowledge and skill in effective production procedures.

Substitute and Complementary Goods

Substitute products are those commodities that can be consumed on behalf of the other. Substitute goods mean that where there is a lack of products another product can be used in its place. Substitute products have a relationship with each other where the quantity demanded of a product connects with the price of the substitute product. With the increase in price of a product, the quantity demanded of the substitute product also increases. Where the price of a commodity drops the quantity demanded of the substitute reduces. Consumers tend to choose the products with lower prices among the substitutes. Examples of substitute goods are butter and margarine or tea and coffee. When the price of tea increased the consumers will opt for coffee and vice versa. The relationship between this two is, therefore, substitution.

Complementary goods, on the other hand, mean goods which rely on each other. The relationship is that a product demand of a primary commodity shapes the demand complimentary of a good. Where product A is a compliment product to product B the quantity demanded of A relies on the quantity demanded of B. With an increase, in the demand for B the demand for A also increases. An example of a complimentary commodity is gasoline. The consumption of gasoline is dependent on the availability of cars. The relationship between cars and gasoline is a complimentary relationship. Where there is an expansion in the demand for cars it will translate to the increased consumption of fuel.

Monopolistic Competition

Monopolistic competition denotes a form of imperfect competition in market structures.  The assumptions of this competition are that there are many consumers as well as buyers which mean that the concentration ratio is low. The products from the producers are differentiated, and non price differences exist between the goods. The producers’ are the ones who decide on the product prices, and exit and entry barriers to the market structure are low.

An example of a consumer product based on monopolistic competition is pizza delivery. The delivery of pizzas based on this market structure means that each delivery service fixes its own prices and the level of output. The entrepreneurship skills are essential to any player in the industry as this will translate to the level of output. An essential factor in the success in of any individual in this structure can be manipulated by the use of publicity. The more advertised a service gets the more the gains a firm gains in this market structure. The players are profit maxi misers as they tend to be small but with a lot of enterprise. The other firms within the competition will adapt the methods of the competitors in order to maximize market share and gain up on the competition. The competition between these firms is fierce there is the inevitable need to advertise in order to maximize gains. The long term profits of a firm in this competition tend to diminish. The explanation for the reduction of profits in the long run is that during the initial stages the firm faces little competition from other firms.  This position does not hold for long because due to the abnormal profits which attract other firms and subsequently the demand for the product reduces resulting in a reduction of profits.

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• Factors of Production

Look around yourself. What will you see? Tables, chairs, other furniture, doors, television, wardrobe, and so many other manmade things. Does it ever come to your mind how are these things made? How is the iron chair made? How is the wooden table made? You know that wooden furniture is made up of wood. How can one get wood? Of course from trees. The iron chair was first a piece of iron. But how is that chair gets its shape? These woods and iron are some factors of production. These are the raw materials which finished themselves into final goods like chairs and tables. In this section, we are going to know the factors of production.

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It is a process of combining various inputs to make something for consumptions. Production is an outcome of economic activity. For making or producing something, we need some tangible and intangible materials.

These materials are the various factors of production. Consider a simple example of paper crafting. To make an origami, we need paper, money to buy it, and the most important technique of folding.

Let us understand what we mean by the factors of production and their types.

Anything that helps in production is the factor of production. These are the various factors by mean any resource is transformed into a more useful commodity or service.

They are the inputs for the process of production. They are the starting point of the production process. Factors of production are the parameters which affect the output of production.

Types of Factors of Production

Factors of production have been categorized into four types.

It refers to all natural resources. All natural resources either on the surface of the earth or below the surface of the earth or above the surface of the earth is Land.

One uses the land to produces goods. It is the primary and natural factor of production. All gifts of nature such as rivers, oceans, land, climate, mountains, mines, forests etc. are land.

The payment for land is rent.

Characteristics of Land as a Factor of Production

• The land is a free gift of nature.
• The land has no cost of production.
• It is immobile.
• The land is fixed and limited in supply.

Types of Land

• Residential
• Cultivation
• Uninhabitable

All human effort that assists in production is labour. This effort can be mental or physical. It is a human factor of production. It is the worker who applies their efforts, abilities, and skills to produce.

The payment for labour is the wage.

Characteristic

• It is a human factor.
• One cannot store labour.
• No two types of labour are the same.

Types of Labor

• Semi-skilled
• Professional

Capital refers to all manmade resources used in the production process. It is a produced factor of production. It includes factories, machinery, tools, equipment, raw materials, wealth etc.

The payment for capital is interest.

Characteristics

• Capital is a manmade factor of production.
• It is mobile.
• It is a passive factor of production.

Types of Capital

Entrepreneur.

An entrepreneur is a person who brings other factors of production in one place. He uses them for the production process. He is the person who decides

• What to produce
• Where to produce
• How to produce

A person who takes these decisions along with the associated risk is an entrepreneur.

The payment for land is profit.

• He has imagination.
• He has great administrative power.
• An entrepreneur must be a man of action.
• An entrepreneur must have the ability to organize.
• He should be a knowledgeable person.
• He must have a professional approach.

Read about the Characteristics of Entrepreneurship in detail here .

Solved Examples on Factors of Production

Q . Problem: All things used in producing goods, services, buildings, ideas are

• Natural resources
• Capital resources
• Human Resources

Solution: iii. Resources

Q. Problem: Which of the following is one of the three economic questions?

• In what order should I produce
• What colour should I produce?
• How many should I produce?
• What should I produce?

Solution: iv. What should I produce?

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Understanding the Factors Behind the 9/11 Attacks

This essay about the 9/11 attacks examines the historical, political, ideological, and social factors leading to the tragedy. It explores the influence of Western involvement in the Middle East, the rise of al-Qaeda, and the motivations of the attackers. The essay also discusses the geopolitical landscape, the operational structure of al-Qaeda, and the implications for global politics and security following the attacks. It emphasizes the importance of understanding these factors to prevent future extremism and violence.

How it works

The 9/11 attacks, a series of coordinated terrorist attacks by the extremist group al-Qaeda on September 11, 2001, remain one of the most pivotal events in modern history. To understand the factors behind these attacks, it is essential to delve into the historical, political, ideological, and social contexts that led to this tragic event. This examination will provide insights into the motivations of the attackers, the geopolitical landscape of the time, and the broader implications for international relations and security.

The origins of the 9/11 attacks can be traced back to a complex interplay of historical grievances and ideological convictions.

One significant factor is the presence of Western powers in the Middle East, which has a long and contentious history. The United States, in particular, has been deeply involved in the region, both economically and militarily. The discovery of oil in the early 20th century and subsequent Western interests in securing access to these resources led to a series of political and military interventions. This created a legacy of resentment among many in the region who perceived these actions as imperialistic and exploitative.

The rise of al-Qaeda, the group responsible for the 9/11 attacks, was significantly influenced by these historical contexts. Founded by Osama bin Laden in the late 1980s, al-Qaeda emerged from the jihadist movement that fought against the Soviet invasion of Afghanistan. The Afghan-Soviet War, which lasted from 1979 to 1989, saw extensive support from the United States and other Western nations for the mujahideen fighters. This support, however, was primarily motivated by Cold War dynamics rather than a genuine commitment to the region’s stability. Once the Soviets withdrew, Afghanistan was left in chaos, creating a fertile ground for extremist ideologies to take root.

Osama bin Laden and his associates were deeply influenced by the idea of a global jihad, a holy war against perceived enemies of Islam. They viewed the presence of U.S. troops in Saudi Arabia, home to Islam’s two holiest sites, as a profound desecration. This sentiment was exacerbated by the perceived injustices against Muslims worldwide, including the Israeli-Palestinian conflict, which bin Laden and his followers saw as a symbol of Western oppression.

The political and economic disparities within the Middle East also played a crucial role in fostering extremism. Many countries in the region suffered from authoritarian regimes, widespread corruption, and lack of economic opportunities. These conditions created a sense of disenfranchisement and hopelessness, particularly among the youth. Extremist groups like al-Qaeda exploited these sentiments, offering a narrative that framed jihad as a path to reclaim dignity and power.

The ideological underpinnings of the 9/11 attackers were rooted in a radical interpretation of Islam. It is important to note that this interpretation is a gross distortion of the religion’s teachings, which advocate for peace and tolerance. However, the jihadist ideology manipulated religious texts to justify violence against non-believers and those seen as apostates. This ideology was propagated through a network of radical clerics, online platforms, and training camps, creating a transnational terrorist movement.

Another critical factor behind the 9/11 attacks was the operational capabilities and organizational structure of al-Qaeda. The group was able to conduct such a sophisticated and coordinated attack due to its hierarchical yet flexible structure. Al-Qaeda’s leadership, often referred to as the “core,” provided strategic direction, while its affiliates and cells operated semi-independently, allowing for adaptability and resilience. This decentralized model made it difficult for intelligence agencies to track and dismantle the network.

The specific planning and execution of the 9/11 attacks involved meticulous preparation. The attackers underwent rigorous training in flight schools in the United States, highlighting the extensive planning and resource allocation involved. The hijackers blended into American society, taking advantage of the country’s open and democratic nature to plan their operations without raising suspicion. This demonstrated a chilling level of strategic thinking and patience.

The failure of U.S. intelligence and security agencies to prevent the attacks has been a subject of extensive scrutiny and analysis. Various factors contributed to this failure, including bureaucratic inefficiencies, lack of inter-agency communication, and underestimation of the threat posed by al-Qaeda. The intelligence community had received multiple warnings and indicators of a potential attack, but these were not effectively synthesized and acted upon. The 9/11 Commission Report, released in 2004, highlighted these shortcomings and recommended significant reforms to prevent future attacks.

The geopolitical landscape of the late 20th and early 21st centuries also influenced the conditions leading to the 9/11 attacks. The end of the Cold War left the United States as the world’s sole superpower, which created a perception of American hegemony. This unipolarity was seen by some as an opportunity to challenge U.S. dominance through asymmetric warfare. Al-Qaeda’s strategy aimed to provoke the United States into military overreach, thereby galvanizing more Muslims to join the jihadist cause and destabilizing the region further.

The aftermath of the 9/11 attacks had profound implications for global politics and security. The U.S. response, encapsulated in the War on Terror, involved military interventions in Afghanistan and Iraq, aimed at dismantling terrorist networks and promoting democratic governance. While these interventions succeeded in removing oppressive regimes, they also led to prolonged conflicts, significant civilian casualties, and regional instability. The power vacuums created by these wars contributed to the rise of other extremist groups, such as ISIS, perpetuating a cycle of violence and terrorism.

The 9/11 attacks also led to significant changes in domestic and international security policies. The United States implemented extensive measures to enhance homeland security, including the establishment of the Department of Homeland Security and the enactment of the USA PATRIOT Act. These measures aimed to improve intelligence gathering, enhance border security, and prevent future terrorist attacks. However, they also sparked debates over civil liberties and the balance between security and individual rights.

On a global scale, the attacks highlighted the need for international cooperation in combating terrorism. Countries around the world intensified their efforts to track and dismantle terrorist networks, sharing intelligence and coordinating operations. This collective approach has been essential in preventing further large-scale attacks, although the threat of terrorism remains ever-present.

In conclusion, the 9/11 attacks were the result of a confluence of historical, political, ideological, and operational factors. Understanding these factors requires a nuanced examination of the region’s history, the motivations of the attackers, and the broader geopolitical dynamics. While significant progress has been made in addressing some of the root causes of terrorism, the legacy of 9/11 continues to shape international relations and security policies. The ongoing challenge is to find effective ways to combat extremism while addressing the underlying issues that fuel it, striving for a world where such tragedies are averted.

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