Financial Management report
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The document discusses the key factors of production in any business which are labor, capital, land, intermediate inputs, and business know-how. It defines each factor, with labor referring to workers and hours worked, capital as the physical assets, land as the actual ground used, intermediate inputs as goods and services purchased from other businesses, and business know-how as the knowledge and technology. The document also briefly mentions that production is the core of any business and defines a business cycle as fluctuations in overall economic output lasting several years.
Financial Management report
- 2. AGGREGATE DEMAND AND SUPPLY Effect of change in:
- 3. Production Core of any business or the HEART of any business.
- 4. Five big categories Labor Capital Land Intermediate Inputs Business know-how
- 5. labor refers to the input supplied by the various types of workers that enable the business to function. it can be measured either by The number of workers Total number of hours worked.
- 7. land actual ground used by the business.
- 8. Capital
- 9. Intermediates inputs refers to any goods and services purchased from other business and used up in production.
- 10. examples
- 11. Business know-how includes all the knowledge and technology necessary for the production process.
- 13. Business cycle is a fluctuation in aggregate economic output that last for several years