The 4 Factors of Production. There are four factors of production—land, labor, capital, and entrepreneurship.Land As a FactorCapital As a FactorEntrepreneurship As a Factor
There are four factors of production—land, labor, capital, and entrepreneurship. company owners to purchase capital goods or land or to pay wages. For modern Land As a FactorLabor As a FactorCapital As a Factor
There are four factors of production—land, labor, capital, and entrepreneurship. Finally, capital refers to the cash, equipment, and other assets needed to Labor As a FactorCapital As a FactorEntrepreneurship As a Factor
They are commonly broken down into four elements: land, labor, capital, and entrepreneurship. However, commentators sometimes refer to labor and capital as the Land As a FactorLabor As a FactorCapital As a Factor
This transcript discusses the four factors of production: land, labor, capital, and entrepreneurship. Land refers to natural resources, while labor is the work that goes into production. Capital is the tools and buildings used to produce things, and entrepreneurship is the know-how of putting it all together.
Constant capital (c), is a concept created by Karl Marx and used in Marxian political economy.
It refers to one of the forms of capital invested in production, which contrasts with variable capital (v).
The distinction between constant and variable refers to an aspect of the economic role of factors of production in creating a new value.
Concept created by Karl Marx
The organic composition of capital (OCC) is a concept created by Karl Marx in his theory of capitalism, which was simultaneously his critique of the political economy of his time.
It is derived from his more basic concepts of 'value composition of capital' and 'technical composition of capital'.
Marx defines the organic composition of capital as the value-composition of capital, in so far as it is determined by its technical composition and mirrors the changes of the latter.
The 'technical composition of capital' measures the relation between the elements of constant capital and variable capital.
It is 'technical' because no valuation is here involved.
In contrast, the 'value composition of capital' is the ratio between the value of the elements of constant capital involved in production and the value of the labor.
Marx found that the special concept of 'organic composition of capital' was sometimes useful in analysis, since it assumes that the relative values of all the elements of capital are constant.
Surplus labour is a concept used by Karl Marx in his critique of political economy.
It means labour performed in excess of the labour necessary to produce the means of livelihood of the worker.
The surplus in this context means the additional labour a worker has to do in their job, beyond earning their keep.
According to Marxian economics, surplus labour is usually uncompensated (unpaid) labour.
