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 FOUR FACTORS OF PRODUCTION

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MAJOR(R)KHALID NASR
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Number of posts : 305
Age : 67
Location : LAHORE,PAKISTAN
Registration date : 2007-10-04

PostSubject: FOUR FACTORS OF PRODUCTION   Thu Mar 20, 2008 12:11 pm

FOUR FACTORS OF PRODUCTION



Four factors of production have been counted as Land, Labour, Capital, and Entrepreneur conventionally, but emphasis on the role of Human Resource is relatively of the recent origin. It has also been realised recently, that the above referred conventional factors of production would be dormant without delivering the anticipated out-turn on investment, unless highly skilled Human resource familiar with and capabloe of achieving the desired corporate objectives was present. Hence one wouldn't be far wrong in assuming/proclaiming that human resource is one of the most valuable & potent factor of production.

In view of the foregoing, competing industrial configurational groups are aware of the significance of Human Resource with sharp industrial & other skills; and hence they keep on investing for improving their existing stuff through provision of financial and social incentives in order to cope with the ever-rising competition between competing production units.

Jameel Zaidi

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