Land as a factor of production in modern economic theory- one of the four basic factors of production, which, in order to become productive, usually must be combined with labor and capital.
Under the ground as a factor of production are understood all natural (reproducible and non-reproducible) resources. They can be used for the production of goods and services for consumer and industrial purposes: the production of agricultural and industrial products, social and industrial infrastructure, housing construction, settlements, roads, etc.
This factor includes the following elements of nature:
1) agricultural land;
3) waters of oceans and seas, lakes, rivers, as well as underground waters;
4) chemical elements of the earth's crust, called minerals;
5) atmosphere, atmospheric and natural-climatic phenomena and processes;
6) space phenomena and processes;
7) the space of the Earth as a location for the material elements of the economy, as well as near-Earth space.
The concept of "resource" should be distinguished from the concept of "factor". A resource is a potential factor of production. Therefore, a production factor is a resource involved in the production process, i.e. before natural objects were involved in production, they acted as natural resources: land, forestry, mineral, energy, etc.
Land as a factor of production has its own characteristics. First, land, unlike other factors of production, has unlimited service life and is not reproduced at will. Secondly, by its origin natural factor and not a product of human labor. Thirdly, the land is not amenable to movement, free transfer from one branch of production to another, from one enterprise to another, i.e. she is immovable. Fourth, the land used in agriculture, with rational operation, not only does not wear out but also improve your productivity.
One of the most important characteristics of the earth is its limitation.
In this regard, land as a factor of production is characterized by the law of diminishing returns, i.e. sooner or later, the additional application of labor to the land will bring less and less returns. This law is in place for land used in agriculture. However, the law of diminishing returns can only be partly extended to the extraction of natural resources. For example, when extracting oil, the use of additional units of labor will lead to the fact that the well will be quickly exhausted, and there will simply be nothing to take from it.
Land ownership means the recognition of the right of a given (natural or legal) person to a certain piece of land on historically established grounds and implies ownership of the land. Land use, on the other hand, means the use of land in the manner established by custom or law (without land ownership).
From this we can conclude that the one who owns the land or uses it, receives certain advantages. In this regard, with regard to land ownership and land use, special economic relations generating a special income and its special economic form - land rent.
In neoclassical theory, rent is the income received by any owner of goods that are naturally or artificially limited in comparison with demand. To express this phenomenon, a more general category is used - economic rent. At the same time, neoclassical theory also considers rental income, primarily as income from land ownership and land use. Rent, therefore, is the form in which landed property realizes itself economically, i.e. brings in income.
Different theoretical schools investigate the problem of differential ground rent. Despite differences in conceptual approach, economists emphasize the heterogeneity of the quality of land plots. This means that the productivity of land as a factor of production will vary depending on its fertility, as well as location (proximity to the market for agricultural products). This means that those who exploit the best lands incur lower costs and, as a result, have a certain surplus after the sale of their products, called differential (difference) income. This income, when transferred to the owner of the land, takes the form of differential rent.
The worst lands also bring income to those who exploit them. Absolute rent is that part of the income of the entrepreneur - the land user, which he gives in the form of rent to the owner of the land. According to the concept of K. Marx, only the labor of hired workers participates in the creation of profit, since the profit created in agriculture is higher than the average profit. This surplus is the source of absolute rent.
Actually, rent as an economic category means not just income from a factor of production. This is the income from any factor of production, the supply of which is inelastic. This is the definition of rent by the neoclassical school. Proceeding from it, rent is called income not only from agricultural land, but income from any resource, the supply of which is inelastic.
The principle of establishing rent, or rent (neoclassicists often use the two terms as synonyms) as a balancing price, is the same as in the case of other factors of production. For example, wages act as a price equalizing the demand and supply of labor; interest - balancing the demand and supply of capital.
Capital as a factor of production. By defining capital in this way, many economists identify it with the means of production. Capital in a broad sense, according to other economists, is the accumulated (cumulative) amount of goods, property, assets used for profit, wealth. There is an opinion that capital consists of durable goods created economic system for the production of other goods.
Another view of capital is related to its monetary form. "Capital, when embodied in finance not yet invested, is a sum of money." The shortest definition of capital was given by Karl Marx (1818-1883): "it is a self-increasing value." Externally, capital appears in concrete forms: in the means of production (constant capital), in money (money capital), in people (variable capital), in commodities (commodity capital). In all these definitions there is a common idea, namely: capital is characterized by the ability to generate income. So, we can make the following definition: capital in the interpretation of modern economic theory is one of the four main factors of production created by the economic system itself, represented by all the means and resource capabilities of production that are created by people in order to produce other goods and services with their help. .
In economic disciplines, along with the term "capital" and the concepts of "investment", "investment resources" are often used. The term "capital" is used to refer to capital in materialized form, i.e. embodied in the means of production. Investments are capital not yet materialized, but invested in the means of production.
In modern Western economics, capital is interpreted as durable goods created by people for the production of other goods and services. This definition of capital serves as the basis for various concepts of capital used in everyday language and economic literature.
Economic theory distinguishes:
Physical (technical) capital - a set of material resources that are used in various phases of production and increase the productivity of human labor (machines, buildings, computers, etc.);
Financial (monetary) capital - set Money and monetary value the value of securities;
Legal capital - a set of rights to dispose of certain values, and these rights give their owners income without investing the corresponding labor;
Human capital is those investments that increase the physical or mental capacity of a person.
In the process of production, the various elements of physical capital behave differently. One part functions for a long time (buildings, machines), the other is used once (raw materials, materials). The first part of capital - fixed capital - is capital that participates in the production process over several production cycles and transfers its value to the created goods in parts. The second part of the capital is working capital - raw materials, materials, electricity, water, etc. - participates in the production cycle only once and fully transfers its value to the created products.
Fixed capital, embodied in the means of labor, wears out as it is used. Economists distinguish between physical and moral depreciation.
Physical wear takes place, firstly, under the influence of the production process itself and, secondly, under the influence of the forces of nature (corrosion of metal, destruction of concrete, loss of elasticity or flexibility of plastic, etc.). The longer the operating time of fixed capital, the greater the physical depreciation.
The concept of depreciation is related to physical wear and tear. Depreciation is an economic category and expresses economic relations regarding that part of the value of fixed capital that is transferred to goods and returned after the sale of goods in cash to the entrepreneur. It is accumulated in a special account called amortization fund.
Obsolescence (obsolescence) is a decrease in the useful properties of fixed capital in the eyes of users compared to what is offered in return. Obsolescence is of two types. The first type is associated with the production of cheaper machines, equipment, vehicles, etc. The second type is associated with the production of more advanced machines. In this case, entrepreneurs also incur losses by continuing to use obsolete machinery or equipment.
For capital as a factor of production, interest is income.
Interest income is the return on the capital invested in the business. This income is based on the costs of the alternative use of capital (investing money in a bank, in shares, etc.). The amount of interest income is determined by the interest rate, i.e. the price a bank or other borrower must pay to a lender for the use of money over a period of time. Those. The interest rate is the ratio of the income on the capital provided on loan to the very size of the loaned capital, expressed as a percentage.
According to neoclassical theory, the equilibrium rate of interest (rate of interest) is determined in the capital market by comparing the utility (marginal return MRP) of capital and the costs (abstinence, MRC expectations) of refusing to use capital at the present time.
Presented in Fig.11. the graph allows us to understand the category of interest as a kind of equilibrium price: at the point of intersection of the MRC and MRP curves, equilibrium is established in the capital market. At point E, there is a coincidence of the marginal return on capital and marginal cost missed opportunities; the demand for ship capital at the same time coincides with its supply. The demand for capital will be higher the lower the interest rate. The interest rate determined by the intersection of the MRP demand curve and the MRC capital supply curve is the equilibrium interest rate.
In addition to the considered neoclassical interpretation of interest, which received the name "real interest theory" in economic science, there is another - Keynesian. In contrast to this view, he gave a different definition of interest, the essence of which is that the rate of interest is a reward for parting with money as liquidity for a certain period. From his point of view, the rate of interest is nothing but the reciprocal of the ratio of the amount of money to what can be obtained by parting with the ability to dispose of this money for a specified period of time.
Modern authors believe that Keynes's "monetary" theory turns out to be just as limited as the "real" theory. Therefore, a general theory of the interest rate was put forward, which takes into account all the factors that influence its formation. There are four such factors:
preference in time, which expresses the unwillingness of economic entities to postpone for the future needs that can be satisfied in the present;
marginal productivity of capital, i.e. the return that the economic entity hopes to receive from the use of additional capital;
the money supply associated with the monetary policy of the central bank;
liquidity preference, i.e. the desire of economic entities to keep in their hands liquid funds that can be turned into other types of property at any time.
In addition to the four factors considered that influence the formation of the interest rate, some economists suggest taking into account the risk factor. The lender, by providing capital, always takes risks, and for this risk he demands remuneration.
The implementation of any investment projects involves a gap in time between costs and revenues. The time value of money arises because there are alternative income opportunities; it depends on when they are expected to be received. Financial theory says that future money is always cheaper than today's money, and not just because of inflation. The money we have today can be "invested in" and generate income, and thus, if we get it in a year, we lose this opportunity.
Therefore, the complexity of investment analysis lies in the need to compare two streams - costs and future income. Since the utility of income received in the future is considered to be less than today's, it is possible to receive interest on current income towards the future. Therefore, it is necessary to recalculate future receipts in a special way by discounting.
Labor as a factor of production. Labor as economic activity represents a balance between utility (productivity) and non-utility (costs). Labor is a conscious activity of a person, through which he fights against shortages, the rarity of goods and seeks to increase their quantity. The usefulness of labor is its productivity, i.e. the ability to transform things so that the degree of satisfaction of needs can be increased.
Labor is not only a creative process, but also a hard activity, which is expressed in the unprofitability of labor (negative utility). Therefore, the one who works bears the costs, i.e. labor is tantamount to renunciation of alternative uses of time (renunciation of leisure). In addition, labor is a stress that requires effort: physical, mental, psychological, volitional
Society wide labor resources represented by that part of the country's population that is capable of work, that is, has a labor force.
Labor has the following characteristics:
Quantitative characteristics reflect labor costs determined by the number of employees, their working hours and labor intensity, i.e. labor intensity per unit of time.
Qualitative characteristics of labor reflect the skill level of workers. According to this level, there is a general division of workers into skilled, semi-skilled and unskilled.
The qualification of workers is reflected in the degree of complexity of their work. Unskilled labor is considered simple, and skilled labor is considered complex, as if raised to the power of simple labor, or simple labor multiplied by the appropriate coefficient of complexity.
The labor process includes three main components: purposeful human activity; the subject on which the work is directed; means of labor, with the help of which a person acts on the object of labor. Speaking about labor, it is necessary to dwell on such concepts as labor productivity and labor intensity.
The intensity of labor characterizes the intensity of labor, determined by the degree of expenditure of physical and mental energy per unit of time. The intensity of labor increases with the acceleration of the conveyor, an increase in the number of simultaneously serviced equipment, and a decrease in the loss of working time.
Labor productivity shows how much output is produced per unit of time. The progress of science and technology plays a decisive role in increasing labor productivity. For example, the introduction at the beginning of the XX century. conveyors led to a sharp jump in labor productivity.
The scientific and technological revolution has led to changes in the nature of work. Labor became more skilled, and physical labor in the production process began to be valued less.
Wage is another concept that can be used to characterize labor as a factor of production. Distinguish between nominal and real wages. Under par salary is understood as the amount of money that a wage worker receives for his daily, weekly, monthly work. By nominal value wages one can judge the level of income, but not the level of consumption and well-being of a person. To do this, you need to know what the real wage is. Real wages are the mass of life's goods and services that can be purchased with the money received. It is directly dependent on nominal wages and inversely on the level of prices for consumer goods and paid services. Remember (regardless of whether someone will work for you or you for someone): wages should first of all stimulate the employee to highly productive work! Therefore, its size should correspond to the qualifications and level of diligence of a particular person.
Entrepreneurship is an essential attribute of a market economy, the main distinguishing feature which is free competition. It is a specific factor of production, firstly, because, unlike capital and land, it is intangible. Secondly, we cannot interpret profit as a kind of equilibrium price, by analogy with the labor market, capital and land.
The main functions of entrepreneurship:
creation of a new material good, not yet familiar to the consumer, or a former good, but with new qualities;
the introduction of a new method of production that has not yet been used in this industry;
the conquest of a new market or the wider use of the former;
the use of a new type of raw material or semi-finished products;
introduction new organization cases, for example, a monopoly position or, conversely, overcoming a monopoly.
The subjects of entrepreneurship can be, first of all, private individuals (organizers of sole, family, as well as larger productions). The activities of such entrepreneurs are carried out on the basis of both their own labor and hired. Entrepreneurial activity can also be carried out by a group of persons linked by contractual relations and economic interests. Joint-stock companies, rental collectives, cooperatives, etc. act as subjects of collective entrepreneurship. In some cases, the state represented by its relevant bodies is also referred to as business entities. Thus, in market economy there are three forms entrepreneurial activity: state, collective, private, each of which finds its own niche in the economic system.
The object of entrepreneurship is the most efficient combination of factors of production to maximize income. "Entrepreneurs combine resources to produce a new good unknown to consumers; discover new methods of production (technologies) and commercial use of an existing product; develop a new market and a new source of raw materials; reorganize the industry in order to create their own monopoly or undermine someone else's" - J. Schumpeter.
For entrepreneurship as a method of managing the economy, the first and main condition is the autonomy and independence of economic entities, the presence of a certain set of freedoms and rights for them to choose the type of entrepreneurial activity, sources of financing, the formation of a production program, access to resources, marketing of products, setting prices for it, profit management, etc.
The second condition for entrepreneurship is responsibility for the decisions made, their consequences and the associated risk. Risk is always associated with uncertainty and unpredictability. Even the most careful calculation and forecast cannot eliminate the unpredictability factor; it is a constant companion of entrepreneurial activity.
The third condition of an entrepreneur is a focus on achieving commercial success, striving to increase profits.
The profit of an entrepreneur is understood as the difference between the income received by the enterprise from the sale of goods and the expenses that were incurred by him in the course of production and marketing activities.
The functioning of the economy, the entire process of production of goods and services is based on the use of factors of production and the receipt of appropriate income from their use.
The factors of production are understood as particularly important elements or objects that have a decisive impact on the possibility and effectiveness of economic activity. Otherwise, factors of production can be defined as resources that participate in the production of goods and services.
In the very general view The factors of production are labor, land, capital and entrepreneurship. Behind the production resources involved in economic activity are always their owners (owner of land, owner of capital, labor, knowledge, etc.) and none of them will transfer the right to use this or that resource to other persons free of charge. Therefore, the movement of the basic elements of production, their appropriation, disposal and use affects deeper social and economic relations than just the use of these factors.
Brief description of factors of production
Work is a set of physical and mental abilities that people use in the process of creating economic benefits. It is due to the intellectual and physical activity of a person, the totality of the abilities of the individual, general and professional education, skills, and accumulated experience. The magnitude of the labor factor directly depends on the quantity and quality of the working-age population. Labor is also characterized by intensity and productivity. Intensity refers to the intensity of labor, which is determined by the degree of expenditure of labor per unit of time. Productivity is the productivity of labor, which is measured by the number of products produced per unit of time.
Earth- a natural factor of production, natural wealth and the fundamental principle of economic activity. Here, natural conditions or the so-called natural conditions are distinguished from the material factor into a special category. "gifts of nature".
In the broad sense of the word, the term "land" covers all the utilities that are given by nature in a certain amount and over the supply of which a person has no control, whether it be land itself, water resources or minerals. However, unlike other factors of production, land has one important property - limitedness. A person is not able to change its size at will. With regard to this factor, we can speak of the law of diminishing returns. This refers to the return in quantitative terms or diminishing returns. A person can influence the fertility of the earth, but this influence is not unlimited. Ceteris paribus, the continuous application of labor and capital to the land, to the extraction of minerals will not be accompanied by a proportional increase in returns. That is why since the end of the twentieth century. in the list of global problems of our time there are several related to the earth, i.e. natural wealth - ecological, raw materials, food. In a narrow sense, the land as a factor of production is understood as the place where this or that enterprise is located. In this case, for the use of land, as a rule, a certain amount is paid, called rent.
Capital- a broad concept and includes man-made means of production. As a rule, capital is divided into fixed (buildings, machines, equipment, etc., used for a number of years and paid off in parts) and circulating (raw materials, materials, energy resources, etc., consumed in one production cycle and paid off after the sale of products) . The opinions of scientists in different historical epochs on this issue differed. So, the English economist of the nineteenth century. D. Ricardo identifies capital with the means of production. We also adhere to this point of view. Another economist, a Scot by origin and, to some extent, a teacher of Ricardo, A. Smith considered capital as accumulated labor. K. Marx understood capital as a self-increasing value as a special kind of social relation. Capital can also be defined as investment resources used in the production of goods and services and their delivery to the consumer. Views on capital are diverse, but they all agree on one thing: capital is associated with the ability of certain values to generate income. Outside of movement, both the means of production and money are dead bodies. The return on capital is commonly referred to as interest.
Entrepreneurial activity should be considered as a specific factor of production, bringing together all other factors and ensuring their interaction through the knowledge, initiative, ingenuity and risk of the entrepreneur in the organization of production. it special kind human capital. Entrepreneurial activity in terms of its scale and results is equated to the cost of highly skilled labor.
Factors of production These are the resources that are involved in the production process.
In modern economic theory, there are five main factors of production: land, labor, capital, entrepreneurial talent and information/knowledge.
Earth- the benefits of nature used by man in the production process: land, subsoil, water, forest, biological, agro-climatic and all other types of natural resources.
Work- a set of skills, abilities, physical and intellectual capabilities of a person, that is, his labor force, which he uses in the production process
Capital- all means of production created by man: production facilities, equipment, machines, materials, tools, semi-finished products, as well as borrowed funds, that is, money capital intended for the organization of production.
Capital structure:
The main part is the part of the means of production that functions in the production process for a long time, retains its natural form and transfers its value to the manufactured product gradually, as it wears out (buildings, structures, equipment, vehicles, etc.);
circulating - part of the means of production, which is entirely consumed during one production cycle, changes its natural form and completely transfers its value to the manufactured product (materials, raw materials, energy, wages).
In the process of use, fixed capital is subject to wear and tear. There are two types of depreciation: physical - the loss of consumer value by funds due to their use in production or exposure to atmospheric conditions; moral - the loss of consumer value by funds due to cheaper means of labor of the previous design (the first type of obsolescence) and the displacement of old means of labor by more productive ones (the second type of wear).
Depreciation of fixed capital is the process of gradual depreciation of fixed capital and the transfer of its value to manufactured products. Deductions for depreciation of fixed capital are included in the cost of the finished product.
Entrepreneurial activity (E - enterprise) is an expedient activity of people aimed at making a profit (finding the most effective options for combining these factors to maximize profits; taking on liability, risk (an entrepreneur risks his capital, money, authority, etc. )
All factors of production can be considered as material (land and capital) and personal (labor and entrepreneurial activity). Money is not factor of production. They are a condition for acquiring resources.
AT modern economy to the factors necessary for production are added such specific factors as information, possession the latest technologies, availability of developed infrastructure. Industrial infrastructure - a network for ensuring the functioning of production (roads, communications, transport, energy supply, communications, etc.) Social infrastructure - ensuring human life (schools, hospitals, housing, etc.)
Of particular importance are intangible resources: information, qualifications of personnel, organization of production, knowledge of the market, etc.
Entrepreneurship- a special factor of production, which consists in the ability to most effectively combine all factors of production. The functions of entrepreneurship include: the initiative to combine factors of production in order to make a profit, the organization of the production process, responsibility for the results of production, innovation (the introduction of new technologies, the development of new products), risk.
Factors of production - resources used to create economic benefits.
Factors of production are resources that are considered by their owners as sustainable sources of income.
In modern economic science, there are five main factors of production:
- Capital
- Earth
- Entrepreneurial Ability
- Information
Capital - all interpretations of the concept of capital can be divided into two classifications.
- Capital is identified with any natural form:
- Capital is identified with the means of production - physical capital (including raw materials, materials and semi-finished products);
- Capital is identified with a certain amount of money or other financial assets- financial capital;
- Capital is identified with accumulated knowledge, health, skills, etc. - human capital.
- The capital is divided depending on the areas of application: industrial, commercial, loan.
- Industrial capital - goes through various stages of production and at the same time takes on various functional forms: financial
Working capital- includes the cost of raw materials, materials, fuel, electricity, wages, etc. and is completely consumed in each production cycle, losing its natural form. The cost of working capital is reimbursed to the firm in full through the price finished products.
Fixed capital - participates in many production cycles, while retaining its natural form, while the fixed capital is consumed, that is, it is partially worn out. as it wears out, it transfers its value to the value of the finished product.
There are the following types of wear of the main captal:
- Physical - loss of natural form, measured by depreciation;
- Technological (functional) - associated with the emergence of more modern fixed assets, measured by additional costs for modernization;
- Economic - a decrease in demand for manufactured goods.
- Merchant capital - functions in the sphere of circulation and its main function- sale of goods.
- Loan capital is a part of social capital that is temporarily free and that can be provided to the sphere of production and exchange on terms of urgency, repayment and payment. Sources of temporarily free funds:
- Population;
- enterprises and organizations;
- Amortization fund and payroll fund;
- budget organizations.
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Income from loan capital - interest.
Earth.
Land - those natural benefits that nature provides for human use (these benefits are not the result of human labor).
Peculiarities:
- Land is a freely non-reproducible and quantitatively non-increasable resource;
- The land has a relatively stable heterogeneity: in terms of fertility, in terms of position from the market for the sale of products.
Differential rent - the difference between the cost of production of a product that develops on the worst plots of land and the cost of production that develops on the best plots.
Work.
Labor is the expedient activity of people to transform natural, material, temporary, etc. resources into a product necessary for personal or social consumption.
Consider the features of labor as a factor of production:
- The impossibility of creating a stock;
- The collective component is of great importance;
- There is an improvement of labor in the process of production through qualification;
- There are difficulties of moving in space;
- There is a specificity issue.
When entering the labor market, an individual makes two fundamental decisions:
- How much to offer labor services?
- Where to offer your work?
In this case, the individual faces two effects:
- Substitution effect - free time is replaced by a worker to receive valuables and services;
- Income effect - free time becomes a more valuable commodity.
available unearned income.
Unearned income - income of an individual, not related to labor activity.
Unearned income includes:
- Income of other family members;
- Real estate income;
- Income from financial investments;
- Income from copyright and other non-property rights;
- Allowances, pensions, other transfers, etc.
Real wages - the amount of goods and services purchased for nominal wages.
When analyzing the behavior of individuals in the labor market, they often consider the reserve wage, that is, the minimum wage level for which an individual is willing to provide labor services.
The solution of the second question is related to the consideration of differences in the level of wages.
Wage differentiation includes two points:
- Differentiation of wages of workers of various professions;
- Differentiation of wages of workers of the same profession.
Along with the concept of "resources of production" in the economic literature, the concept of "factors of production" is used.
What is common and what are the differences between these concepts?
What is common is that both resources and factors are the same natural and social forces through which production is carried out. The differences lie in the fact that resources include natural and social forces, who may be involved in the production, and to factors- strength, actually involved in the production process. Therefore, the concept of "resources" is broader than the concept of "factors".
In economic theory, one can find various approaches to the classification of factors of production. AT Marxist theory identifies three factors: labor, object and means of labor. Sometimes they will form into groups and distinguish between personal and material factors. The personal factor includes the labor force, which is a combination of the physical and spiritual abilities of a person that are used in the production process; to real - objects and means of labor, which together constitute the means of production.
It is generally accepted in economic theory that the factors of production are divided into three classical main types: land, capital, labor..
Land as a factor of production means all used in manufacturing process natural resources. It can be used for agricultural production, construction of houses, cities, railways etc. The earth is indestructible and unreproducible, but is subject to rather severe destruction due to predatory use, poisoning or erosion.
Capital in a broad sense, it is everything that can generate income, or resources created by people for the production of goods and services. In a narrower sense, it is a working source of income invested in a business in the form of labor-made means of production ( physical capital). Capital can be increased to any size.
Work- conscious, energy-consuming, social, expedient human activity, requiring the application of mental and physical efforts in the process of creating material goods and services, realized through the person himself. Labor as a factor of production is improved through the training of workers and their acquisition of production experience. The factor "labor" also includes entrepreneurial abilities as a special factor of production.
Entrepreneurship is a specific factor of production (compared to land, capital, labor). The specificity lies in the fact that the subject of entrepreneurial activity - the entrepreneur - is able in a special way to combine, combine factors of production on an innovative risky basis. Hence, it is of particular importance personal qualities entrepreneur.
On the present stage In the development of human society, such independent factors of production as science, information and time are of particular importance.
Science as a factor of production associated with the search, conducting research, experiments in order to expand existing and acquire new knowledge, establish patterns that manifest themselves in nature and society, with the development and implementation in production new technology and technology. In modern economic theory, scientific achievements performed in the economy are usually called innovations.
Information as a factor of production represents information, data that is stored, processed and used in the process of analysis and development of economic decisions in management.
Time is a limited and non-reproducible resource. Everything happens in space and time. The economical use of time is the most important source of improving human life. It is fair to say that all savings ultimately come down to saving time.
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