What is Factors: Definition and 425 Discussions

In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".
There are two types of factors: primary and secondary. The previously mentioned primary factors are land, labour and capital. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labour, and capital. The primary factors facilitate production but neither becomes part of the product (as with raw materials) nor becomes significantly transformed by the production process (as with fuel used to power machinery). Land includes not only the site of production but also natural resources above or below the soil. Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labor. Entrepreneurship is also sometimes considered a factor of production. Sometimes the overall state of technology is described as a factor of production. The number and definition of factors vary, depending on theoretical purpose, empirical emphasis, or school of economics.

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  1. M

    Factors that would increase magnetic flux through a coil?

    24. A square coil is perpendicular to a uniform magnetic field. Which one of the following would increase the magnetic flux through the coil? A. Decreasing the area of the coil. B. Increasing the number of loops in the coil. C. Removing the coil from the magnetic field. D. Increasing the...
  2. V

    Factors affecting how hard a man has to pull on a pulley

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  3. S

    Need help with factors affecting suspension bridge failures

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  4. Square1

    Integrating factors for 1st OLDE

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  5. E

    Programs PhD Duration and affecting factors

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  6. G

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  7. B

    Factoring large N into prime factors

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  8. S

    How can one derive surface area Jacobians in spherical coordinates?

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  9. S

    Exploring Primes: Is 'Pair of Factors' Bias?

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  10. A

    Deriving the boltzmann factors

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  11. J

    Transcription factors - how does it unbind

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  12. F

    Strength reduction factors for welded edge joints

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  13. W

    Syncronous generators question with power factors

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  14. B

    Does ef|g Imply e and f Are Both Factors of g?

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  15. S

    Factors affecting beet root cell membrane

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  16. M

    Can an Integrated Factor be Found in Terms of Both Variables?

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  17. A

    Finding an Integrating Factor for a Diffential Equation

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  18. S

    Calculate capacity and selectivity factors

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  19. C

    General Chemistry problem with conversion factors

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  20. B

    Find the irreducible quadratic factors of

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  21. R

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  22. V

    Which factors are important for plutonium production?

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  23. J

    How can I determine the common factors of a set of numbers?

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  24. M

    Stress concentration factors for hollow shafts under pure bending

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  25. A

    1st Order Linear ODE integrating factors

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  26. J

    General Solution Differential Equation (integrating factors)

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  27. J

    Factors that effect sound waves in water?

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  28. B

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  29. S

    Calculating Friction Factors for High Pressure Steam Flow?

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  30. W

    [Very Easy] Factors, Divisors and Mechanical Advantage

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  31. P

    Differential Equations : Integrating factors

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  32. A

    X-ray question about form factors

    Homework Statement Make an approximate calculation of the x-ray atomic form factor for He by assuming that its electron density is given by a hydrogenic ground state. Homework Equations Need help with this. The Attempt at a Solution I attempted to use the hydrogenic model, but could not...
  33. N

    Finding real and complex factors of polynoms

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  34. R

    Bending moments and deflections, safety factors and inertia which to calculate?

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  35. O

    Forces and factors which act upon masses as they aproach c, and how they do so.

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  36. T

    Does doubling the sum of prime factors always lead to 16?

    Here is the process: For example, take 28. Its prime factors (taken with multiplicity) are 2, 2, and 7. The sum of these is 11. Double it and you get 22. So, the sum of prime factors of 28 multiplied by 2 is 22. Repeat this process until you reach a loop or a stable number. For 28, if you...
  37. W

    Factors affecting the internal energy

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  38. R

    Finding Speed of an object from various factors.

    Hello users of Physics Forums,I come here seeking some guidance with a program i am writing in java.The point of my program is to determine the speed of the user depending on the following factors: Cadence,windspeed,bike weight and user weight. While i got a good mark in my physics class, (90)...
  39. K

    Nonlinear integration using integration factors?

    Hi, I have some equations I have derived though energy balances and have been using the Integration Factors method to solve equations in the form: dy/dx + Py = Q However, my original equations only work if I assume some variables to be constants. Removing this assumption leaves me with...
  40. T

    Astronomy - Distance with different scale factors

    Homework Statement Expansion of the universe is described by the scale factor R(t), where t is the time after the Big Bang. For a flat universe the scale factor is today R(t)=C_{1}\cdot t^{\frac{2}{3}} When the Universe was radiation dominated, for t <200,000 years, the scale factor was...
  41. E

    Why Does Redshift Occur?; Other Factors That Cause Elongation Of Wavelength?

    Me and my Dad were having a conversation about the elongation of EMR wavelengths over an extended period of time. He began to explain to me what Red Shift was but I couldn't understand what he was trying to get at (he's a poor explainer, or I'm bad listener). But his explanation did spark an...
  42. B

    Power 4 equation to Quadratic factors

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  43. J

    Cannot figure out how these conversion factors came about to this answer?

    Homework Statement I have an equation with all known variables and I have the answer...I just can't figure out how they converted the variables and came about the answer. The first equation is N/V = [2*pi*(2.315)/h^3][2*m*kT]^3/2 we have the known variables h (plank's constant)=...
  44. G

    Sum of squares of prime factors

    I recently got interested in number theory and have been fiddling around with Scilab trying to find interesting things. I came across the following mildly interesting property, which I couldn't find much about on Google. Form the difference d_n between the sum of the squares of the prime...
  45. P

    Removing Extraneous Factors from Einstein Action

    I have an action of the form \int \alpha \sqrt{g} R where \alpha is a field. I want to do some kind of coordinate transformation, so that this term in the action becomes \int \sqrt{g}R + \sqrt{g}(...) where (...) consists of terms containing \alpha. So basically, I want to remove \alpha...
  46. F

    Tipping a Car: Factors Affecting Curve Negotiation

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  47. H

    How do you prove the commutative property of multiplication for 4+ factors?

    I don't know how to construct formal proofs but there is the obvious geometric approach for 2 and 3 factors. However, how do you prove the commutative property holds up for 4+ factors? You end up with a lot of different orders in which you can multiply the factors and you can't just construct a...
  48. K

    Volume Flow Rate, Velocity, Factors

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  49. A

    Factors that affect peel strength of tape adhesives

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  50. J

    Convert 4,597.7 lb/in^2 to N/m^2: 805,502.76N/m^2

    Homework Statement 1lb = 4.45 N 1in = 2.54cm Allegedly, a woman standing on a heel creates more pressure than an elephant standing on one foot. By my calculations, this may be as large as 4,597.7 lb/in^2, for a reasonably-sized woman. Convert this to Newtons per square-meter (N/m^2)...
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