In this model, the state owns non-labor factors of production, and markets allocate final goods and consumer goods.
32.
Unlike the Richardian model, the specific factors model allows for the existence of factors of production besides labor.
33.
Inputs used in the production process include such primary factors of production as land ( including natural resources ).
34.
Implicitly, the capacity utilization rate is also an indicator of how efficiently the factors of production are being used.
35.
On the one hand, a rise in economic activity increases the demand for all factors of production, including workers.
36.
In other words, labor is mobile, while the two other factors of production is immobile ( sector specific ).
37.
In today's world, Adam Smith'sclassical theory on optimisationof factors of production is not asufficient condition to guarantee success and prosperity.
38.
Most modern economists no longer recognize land / location as a factor of production, often claiming that rent is non-existent.
39.
The weighted growth rates of inputs ( factors of production ) are subtracted from the weighted growth rates of outputs.
40.
Issues underlying these decisions range from classical issues such as opportunity cost to neoclassical concepts such as factors of production.
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