Question

how are the 4 factors of production (land, labor, capital, and entrepreneurship) used in foreign manufacturing?

Answer 1

In economics, all the inputs which contribute to profits are known as factors of production. The 4 widely accepted factors of production are land, labor, capital and entrepreneurship.

Land:

It is the physical place where the manufacturing activities supposedly take place. Land is of utmost importance because of the scarcity of land and its resources per se. With local jurisdiction, intervention, etc optimal use of the land allocated for manufacturing is the primary goal of the firm.

Labor

Without labor manufacturing isn't possible. They are the ones who transform the firm's available resources ino final products. Labor efficiency is vital to ensure the productivity of the firm is not compromised and thus hit the economies of scale.

Capital

Capital mainly consists of the equipments and money required to buy such equipments as well. Without capital it's not possible to procure land and labor, thereby making this a vital factor of production. Adopting disruptive technologies often involves heavy capital investment.

Entrepreneurship

So, how do we optimize all the above factors of production? It's by great entrepreneurial vision. When a top notch business strategy is deployed, the firm has increased chances of hitting good profits. The perfect collusion of land, capital and labor via a prompt business strategy ensures that the firm in a foreign set up can thrive in the industry. Innovation is what that derives entrepreneurship. With consumers increasingly aware about products in the market, they are able to make informed choices. Therefore, firms are pushed to come up with out of the box product and brand awareness strategies. So, entrepreneurship in explicit terms is an important factor of production.

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