Mindblown: a blog about philosophy.
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Capital Goods
Capital Goods Capital goods are the good which are used to produce other good or in other words we can say that capital good are the goods which are used to produce consumer goods. Capital good cost more than consumer goods and they do not get consumed instantly. Machinery in bottle factory would be a…
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Supply of Enterprise
Supply of Enterprise This concept is very hard to explain. This question has two answers. If the government decides to provide better training to people in other words if the government trains people to be risk takers the supply of enterprise will increase. Other than this if young people decide not to do a job…
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Supply of Capital
Supply of Capital Supply of capital depends on the money which the entrepreneur is ready to spend. If the owner decides to invest money the supply of capital increases. As the time progresses the supply of capital increases as the business has more capital invest and it also has to buy more machinery to adopt…
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Supply of Labor
Supply of Labor Supply of labor can also increase or decrease very easily. If the salary offered on a certain position increases people would be more interested in doing that job so the supply for labor would increase. Apart from salary there are some other factors which influence the supply of labor for instance if…
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Supply of Land
Supply of Land The supply of land cannot be changed drastically. There might be some drastic even which might change the supply of land. If flood hits the land which was used to grow crops, the supply of land would decrease as that piece of land would no longer be available for cultivation.
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Mobility of Factor of Production: Enterprise
Mobility of Factor of Production: Enterprise Enterprise is both geographically and occupationally mobile. A person running an educational institute can also run a factory, so it would be regarded are occupational mobility. Person managing one branch of a business can also run another branch of the business without any difficulty, so it would be called…
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Mobility of Factor of Production: Capital
Mobility of Factor of Production: Capital Let me just revise what capital is. Capital is the man-made factor of production which is made to make or produce things. To some extent you could say that the capital has occupational mobility, but in most cases it does not have occupational mobility. A computer being used in…
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Mobility of Factor of Production: Labor
Mobility of Factor of Production: Labor Labor has great mobility. You would have seen people moving from one place to another for a better job or for a better future. Labor not only has geographical mobility, but also occupational mobility. A person well skilled could be able to perform different job with each and it…
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Mobility of Factor of Production: Land
Mobility of Factor of Production: Land It is impossible to move land from one place to another, so we can say that land is geographically immobile. I cannot move my house from one place in the city to another place in the city. There is another concept of mobility which is often ignored by people,…
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Mobility of Factors of Production
Mobility of Factors of Production Before understanding mobility of factors of production, please make sure that you understand what mobility is. Mobility is called the ability to move from one place to another. Now in this section we will discuss the mobility of different factors of production. We are going to discuss geographical and occupational…
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