IshaanBilala
Banned
Factors of production
The requirements for production, usually represented as capital, labour, and land. Capital covers all man-made aids to future production; fixed capital stays put, and includes the physical plant, buildings, tools and machinery, while circulating capital includes raw materials and components.
Labour
Labour includes all human resources. It may be unskilled, semi-skilled, or skilled.
Population
Lower birthrates and longer life lead to "population aging" (i.e., more elderly people and fewer children). Population aging is most rapid, and has gone farthest, in the developed world.
Natural Resources
The earth's natural resources are finite, which means that if we use them continuously, we will eventually exhaust them. This basic observation is undeniable. But another way of looking at the issue is far more relevant for assessing social welfare. Our exhaustible and unreproducible natural resources, if measured in terms of their prospective contribution to human welfare, can actually increase year after year, perhaps never coming anywhere near exhaustion. How can this be? The answer lies in the fact that the effective stocks of natural resources are continually expanded by the same technological developments that have fueled the extraordinary growth in living standards since the industrial revolution.
Human Capital
To most people capital means a bank account, shares , stock, assembly lines, or steel plants . These are all forms of capital in the sense that they are assets that yield income and other useful outputs over long periods of time.
But these tangible forms of capital are not the only ones. Schooling, a computer training course, expenditures of medical care, and lectures on the virtues of punctuality and honesty also are capital. That is because they raise earnings, improve health, or add to a person's good habits over much of his lifetime. Therefore, economists regard expenditures on education, training, medical care, and so on as investments in human capital.
Investment
By investment, economists mean the production of goods that will be used to produce other goods. This definition differs from the popular usage, wherein decisions to purchase stocks or bonds are thought of as investment.
Research and Development
Research and development (R&D) is the creation of knowledge to be used in products or processes.
The requirements for production, usually represented as capital, labour, and land. Capital covers all man-made aids to future production; fixed capital stays put, and includes the physical plant, buildings, tools and machinery, while circulating capital includes raw materials and components.
Labour
Labour includes all human resources. It may be unskilled, semi-skilled, or skilled.
Population
Lower birthrates and longer life lead to "population aging" (i.e., more elderly people and fewer children). Population aging is most rapid, and has gone farthest, in the developed world.
Natural Resources
The earth's natural resources are finite, which means that if we use them continuously, we will eventually exhaust them. This basic observation is undeniable. But another way of looking at the issue is far more relevant for assessing social welfare. Our exhaustible and unreproducible natural resources, if measured in terms of their prospective contribution to human welfare, can actually increase year after year, perhaps never coming anywhere near exhaustion. How can this be? The answer lies in the fact that the effective stocks of natural resources are continually expanded by the same technological developments that have fueled the extraordinary growth in living standards since the industrial revolution.
Human Capital
To most people capital means a bank account, shares , stock, assembly lines, or steel plants . These are all forms of capital in the sense that they are assets that yield income and other useful outputs over long periods of time.
But these tangible forms of capital are not the only ones. Schooling, a computer training course, expenditures of medical care, and lectures on the virtues of punctuality and honesty also are capital. That is because they raise earnings, improve health, or add to a person's good habits over much of his lifetime. Therefore, economists regard expenditures on education, training, medical care, and so on as investments in human capital.
Investment
By investment, economists mean the production of goods that will be used to produce other goods. This definition differs from the popular usage, wherein decisions to purchase stocks or bonds are thought of as investment.
Research and Development
Research and development (R&D) is the creation of knowledge to be used in products or processes.