1/16/2024 0 Comments List 4 factors of production![]() And in turn, technology innovation enables all organizations to compete on the basis of time (and speed). In part, the pace of technology innovation itself has set a blistering schedule for the rest of the business world. Understanding and translating customer needs swiftly from concept to practice, in many ways, determines the success rate of an enterprise. Or perhaps more to the point, an enterprise’s ability to raise and efficiently deploy capital will continue in its historic prominence.īecause “capital” is more properly a subject for a financially-oriented (not tech-oriented) article, we’ll focus here on the change agents - time and information.Ĭompeting based upon speed and time delivers a primary marketplace advantage. The third factor, capital, has been and will continue to be of primary importance in any Western-style, capitalistic economy. By and large, land and labor have yielded to two more important factors – time and information. Although in certain industries these two factors will remain prominent (think mining and energy production, for example). ![]() ![]() In a sense, owning land and employing lots of people no longer highly correlate to a valuable and successful enterprise. I submit that the primary relevance of land and labor has diminished, not completely but measurably, from their prominence during agrarian and industrial economic times. Sometime even prior to this new millennium, the primary factors of production have now assuredly become: Time, Information and Capital. ![]()
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