{"id":56,"date":"2023-02-28T15:16:23","date_gmt":"2023-02-28T15:16:23","guid":{"rendered":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/?page_id=56"},"modified":"2023-02-28T15:16:31","modified_gmt":"2023-02-28T15:16:31","slug":"factors-of-production","status":"publish","type":"page","link":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/factors-of-production\/","title":{"rendered":"Factors of Production"},"content":{"rendered":"<p>In order to produce goods and services businesses need to use resources.\u00a0 These resources are the <span style=\"color: #ff0000\"><strong>inputs<\/strong> <\/span>for business activity.\u00a0 These resources are what we call the <span style=\"color: #ff0000\"><strong>FACTORS OF PRODUCTION.<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28151612\/Fact-Prod.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-57\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28151612\/Fact-Prod.jpg\" alt=\"\" width=\"243\" height=\"207\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>They are:<\/p>\n<ul>\n<li><strong><span style=\"color: #ff0000\">LAND<\/span> <\/strong>&#8211; which is all the natural resources such as oil, water, and the land itself.<\/li>\n<li><strong><span style=\"color: #ff0000\">LABOUR<\/span> <\/strong>&#8211; which is the human resources including all the people who work for the organisation.<\/li>\n<li><strong><span style=\"color: #ff0000\">CAPITAL<\/span> <\/strong>&#8211; which includes all the man-made resources such as machines, tools and factories.<\/li>\n<li><strong><span style=\"color: #ff0000\">ENTERPRISE<\/span> <\/strong>&#8211; the entrepreneur is the person who brings together all the other resources and takes the risks to produce the goods or services.<\/li>\n<\/ul>\n<p>The wealth of countries is measured by how many goods and services the country can produce.\u00a0 So, the more business activity there is, the more goods and services that are produced, the wealthier a country is.\u00a0 So, the more we produce, the better off we can become.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In order to produce goods and services businesses need to use resources.\u00a0 These resources are the inputs for business activity.\u00a0 These resources are what we call the FACTORS OF PRODUCTION. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; They are: LAND &#8211; which is all the natural resources such as oil, water, and the land itself. LABOUR &#8211; [&hellip;]<\/p>\n","protected":false},"author":79984,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-56","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/56","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/users\/79984"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/comments?post=56"}],"version-history":[{"count":1,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/56\/revisions"}],"predecessor-version":[{"id":58,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/56\/revisions\/58"}],"wp:attachment":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/media?parent=56"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}