factor of production

Examples of factor of production in the following topics:

• Other Factors of Production

  • There are three factors of production that are required to produce economic output: land, labor, and capital.
  • Factors of production are the inputs to the production process.
  • There are three basic, otherwise known as classical, factors of production:
  • Factors of production (or productive 'inputs' or 'resources') are any commodities or services used to produce goods or services.
  • Money, however, was not considered to be a factor of production in the sense of capital stock since it is not used to directly produce any good.

• The Importance of Factor Prices

  • The prices of different factors of production can help determine which products a country will produce.
  • As a result, the prices of different factors of production can help dictate which products a country will choose to produce.
  • As capital and land the main factors used in the production of grain, the price of grain will also be low, and thus attractive for both local consumption and export.
  • Assuming the cost of relative goods remain constant, if one factor of production becomes more or less expensive, it can cause a significant shift of what is produced in that country.
  • If one factor of production becomes more plentiful, and therefore cheaper, it will cause production of the good that relies on that factor to increase.

• Total Factor Productivity

  • Total factor productivity, which captures how efficiently inputs are utilized, is a key indicator of competitiveness.
  • Increases in total factor productivity reflect a more efficient use of inputs, and total factor productivity is often taken as a measure of long-term technological change or dynamism brought about by such factors as technical innovation.
  • How effectively the factors of production are used is also important.
  • Total output is not only a function of labor and capital, but also of total factor productivity, a measure of efficiency.
  • Discuss the importance of Total Factor Productivity in comparing firms, industries, and countries.

• Marginal Product of Labor (Physical)

  • The marginal product of labor is the change in output that results from employing an added unit of labor.
  • When production is discrete, we can define the marginal product of labor as ΔY/ΔL where Y is output.
  • When production is continuous, the MPL is the first derivative of the production function in terms of L.
  • gives another example of marginal product of labor.
  • The key factor is that the variable input is being changed while all other factors of production are being held constant.

• Factors

  • In mathematics, factorization (or factoring) is the process of breaking an object (such as a number or algebraic expression) down into a product of other objects, or factors, which when multiplied together give the original number or expression.
  • To find the factors, consider the numbers that yield a product of 24.
  • This is a complete list of the factors of 24.
  • This factor tree shows the factorization of 864.
  • It shows that 864 is the product of five 2s and three 3s.

• Introduction to Factoring Polynomials

  • However, sometimes it will be more useful to write a polynomial as a product of other polynomials with smaller degree, for example to study its zeros.
  • The process of rewriting a polynomial as a product is called factoring.
  • Factoring is the decomposition of an algebraic object, for example an integer or a polynomial, into a product of other objects, or factors, which when multiplied together give the original.
  • In all cases, a product of simpler objects than the original (smaller integers, or polynomials of smaller degree) is obtained.
  • is a factorization of a polynomial of degree $3$ into $3$ polynomials of degree $1$.

• Factors Influencing Experience, Involvement, and Satisfaction

  • The main factors that influence experience, involvement, and satisfaction with a product are personal, social, object and situational.
  • In general, four main factors influence a consumers's experience, involvement, and satisfaction with a product:
  • Personal Factors: A person's perceptions, beliefs, attitudes, and values can substantially influence his or her experience and involvement with products.
  • Object Factors: The degree of information that a consumers have about a product, including how well they can distinguish its characteristics, can also effect their experience, involvement, and satisfaction.
  • Social Factors: Social influence can deeply affect consumer behavior, especially as related to the products they consider and consume.

• Using a Product Life Cycle Framework

  • Product life-cycle predictions are dependent upon controllable and uncontrollable factors.
  • It should be noted that the predictive capabilities of the product lifecycle are dependent upon several factors, both controllable and uncontrollable, and that no two companies may follow the same exact pattern or produce the same results.
  • Some argue that the competitive situation is the single most important factor influencing the duration of height of a product lifecycle curve.
  • Often, new products may, upon introduction, realistically expect a long period of lasting distinctiveness or market protection—through such factors as secrecy, patent protection, and the time and cash required to develop competitive products.
  • Of course, changes in other elements of the marketing mix may also affect the performance of the product during its lifecycle.

• Regulation of Sigma Factor Activity

  • The sigma factor allows the RNA polymerase to properly bind to the promoter site and initiate transcription which will result in the production of an mRNA molecule.
  • The regulation of sigma factor activity is critical and necessary to ensure proper initiation of transcription.
  • The activity of sigma factors within a cell is controlled in numerous ways.
  • Sigma factor synthesis is controlled at the levels of both transcription and translation.
  • However, if transcription of genes is not required, sigma factors will not be active.

• Product Orientation

  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • Similar to production orientation, the product orientation of marketing focuses solely on the product a company intends to sell.
  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • Consumers recognize product quality and differences in the performance of alternative products.
  • The main task of an organization utilizing the product orientation approach is to continue improving quality and reducing costs as key factors in the fight to maintain and attract customers.