Factors of Production

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Factors of Production

By | Feb. 2013
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Discuss how the factors of production (natural resources, capital, human resources and entrepreneurship) have changed throughout the four eras of business. Analyze the four eras of business and make a prediction for what the next era will be like. Explain the rationale behind your prediction. I think the factors of production have made necessary adjustments to accommodate each era of business. The Entrepreneurship era speaks for itself. Individuals taking risk to launch and operate their own business is what made this era. The industrial revolution laid a footprint for the entrepreneurship era allowing many entrepreneurs the resources to take those risks to operate their business. Following in the early 1900’s was the Production era. While entrepreneurship was still very much alive and powerful; along came the significant era of Production. Again, improving on the landscape of the industrial revolution entrepreneurs understand the importance of effective production and the value of further refining process and production. Using fundamental resources was key for this era. Business’s figuring out key elements and using natural resources such as land and water to locate their business is proof. Also synthetic resources play a valuable role. I don’t think it is any mistake that we seen most of the older mills built by rivers and railroads. Following the Production Era is the Marketing era. Post WWII this era focuses on the consumer. The contributions of human resources begin to develop as a very important product in itself. Understanding the demand of the consumer’s needs or necessities and marketing to those elements we all know has been very crucial. Understanding the demands, marketing and delivering the goods are great but now how do we continue this process and make sure we have succeeded and keep that consumer happy? How do we know if the consumer needs more or less? Answer: The Relationship era. This era the business concentrates on building that long...

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