WELCOME TO YOU I heartily welcome you to read this post on "factors of production" which is an important concept in Economics as well as business sciences. Generally it is the Part of quantitative research analysis but      indirectly qualitative analysis also.  ------------------------------ Production As we've written in production concepts, It is the process of converting inputs to output which has utility to satisfy human wants. Production of a good is not possible with only a person. The process has to involve both natural resources and manmade factors. Production is a main concept in economics. It is the question arises what to create/produce, when and time.  Factors of production Now we know that it is not possible to produce a commodity/good with only 1 involvement. It has to engage with number of cycles and have to move different hands to reach the hands of consumer. Factor of production refers to the resources or factors which participate in the process of produ

WELCOME TO YOU I Heartfully welcome you to read this post. Let us begin. ------------------------------ Introduction In the previous post we've already discussed about the different types of wages. So, with that knowledge let us move to another small topic which is about factors influencing real wages. that means how the real wages can increase or decrease for a labour. To read more about real wages: visit  https://economics-subject.blogspot.com/2021/06/meaning-and-types-of-wages.html Factors to influence or determine or change Real wages an individual can have more real wages than others based on various reasons such as type of Job, Salary, Area of work, Reputation, etc. Let us now have a clear look on different aspects. Price level  Price level also determines the real wages. if price level is more, real wages  are less and vice versa. Similarly if price level is less, real purchasing power of money will be high. So, Here the Price level refers to the value or cost of all goods a

Welcome to you! Namaste, Friends Today we're going to read a simple and small topic which is about wages and its types. Note: Share your thoughts in the comments and together make the subject very easy and practical to understand. ------------------------------ Wages Wages are remunerations which are paid to a labour for both mental and physical work done by them. in simple words, it is the amount/Price  which is paid by the firm or any organization for contribution of a person in the process of production. It may be mental work or physical work. A labour is considered to be a significant factor in the production. without his contribution or efforts, The other factors such as land and organization will remain unutilized or unproductive. Types of wages Wages are classified into 4 types. They are: Time, Peace, Money and Real wages. Time wages  If the wages are paid according to the time it is called as a time wage. generally it is for short period and many employees receive their wag