Production,
in Economics is one of the important activities whatever human being is
received goods as a natural gift can not be consumed as such. It requires some
processing and then and then only it is consumed. Through processing we
transform some goods and services in to another one for example sugarcane into
sugar, Cotton into cloth etc. In economics, sugarcane or cotton are termed as
inputs factor or raw material while sugar or cloth are termed as output or
finished product. Thus the term can be defined as under.
1. Production means transformation of
inputs (goods and sieves) into output.
2. Production of wealth or value.
3. Production means creation (addition)
of wealth or value.
It
may consist not only goods but also services.
Factors
affecting the production: Following factors affect production.
Natural
factors:
Like
climatic conditions, soil type affect production. Production can be diminished
due to natural calamities like flood, drought etc.
Technical
progress:
Can positively influence production. Use of
improved variety, fertilizers, insecticides etc. can give us more production.
Political
factors:
Also
affect production positively or negatively. Decisions pertaining to taxation,
investment or fiscal. Policies of Govt. influence production.
Infrastructure
facilities:
Like transport, credit, storage etc. are also
equally important to have more production.
Character
of people:
Determines
productivity. The hard workers and sincere workers always produce more and
hence it is very important factor which influences production.
Factors
of Production:
For
undertaking production following important factors are required
1.
Land 2. Labour 3. Capital and 4. Organization or Enterprise
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