Mindblown: a blog about philosophy.
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What is specialization?
Specialization is the process in which a complete task is divided into smaller tasks by which everyone does the task in which he or she is the best. By doing the stuff in which a person is best he or she is able to achieve extraordinary results.
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Opportunity cost
Opportunity cost is the next best alternative forgone. For example you have the choice of buying a shirt or bat and you choose the buy the bat then the opportunity cost of buying the bat would shirt. We are never going to put the opportunity cost in monetary term which means that we cannot use…
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Enterprise
Enterprise is the risk taking ability of a person. Enterprise involves the combining of all the other 3 factors of production and then taking the risk of producing the products.
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Capital
Capital is the man made resources which are used to make a product. Machine is in capital because machine is made by human effort.
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Labor
Labor constitutes of all the mental and physical effort done by a person. If you are making a shop you will have to employ people so that they could work over there.
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Land
Land constitutes of all the resources which are on the land or in the land which might facilitate the production process. If you want to make a dollar shop you will have to buy a piece of land.
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Factors of production
Factors of production are the resources which are used to produce other products. You will have to use different things in order to make a product. Every product in this world will be made by the use or factors of production.
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Can a government solve the problem of poverty by printing more money?
Most people who are not the students of business studies or Economics believe that we can eliminate poverty by printing more money, but the reality is that we cannot solve the problem of poverty by printing money. We can solve the problem of poverty by increasing our resources.
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Why can we not satisfy everyone’s needs and demands?
We are living in a world where we cannot satisfy everyone’s needs and demands because the resources are limited and demands are unlimited. We cannot satisfy everyone’s demands because the demands keep on increasing.
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What are the needs of a human being?
There are many need of a human being, but the problem arises when people confuse demand which need. Need is something which is essential for survival, so as you are a person you will have to determine what are the things which are essential for survival. Human being needs water, food, shelter and security. So…
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