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Production, Construction and Property: an Economic Viewpoint - Coursework Example

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This work "Production, Construction, and Property: an Economic Viewpoint" will attempt to provide that link and to highlight the importance of the construction and real estate property sectors in meeting the demand of users and consumers for housing and other structures. The author outlines the process of creating and adding value. …
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Production, Construction and Property: an Economic Viewpoint
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Download file to see previous pages In a free economy, all production decisions are based on what quantity and quality of goods the market is willing to buy at certain prices. Producers are willing to supply the goods or services when prices are high; buyers prefer to buy good quality at low or reasonable prices. Theoretically, an equilibrium is reached when supply meets demand in a free market.
Production is described in economics and in the science of industrial organisation as the process of converting resources as inputs into products or services as outputs for the purpose of distribution and sale to buyers, users, or consumers. Companies purchase their raw materials from suppliers and transform them into finished products, in the process incurring the costs of labor, utilities, depreciation of fixed assets, and other requirements.. They may produce a single product or several products. Some are labor-intensive and other capital intensive and relying heavily on automation technology. Some companies also focus on high quality whereas others emphasize low cost so that their products can reach more consumers. (Jackson 2001)
All firms in an economy produce goods and services in order to earn a profit. The amount received by a firm for the sale of its outputs is called total revenue. The amount it pays for the inputs (raw materials, labor, equipment, rent, etc.) is its total cost. What remains after deducting the cost of inputs from total revenue is called profit.
a. Factors of production Production and productivity can be understood only in the context of the mix of the given resources controlled by an organisation. Economists identify the factors of production as land, labor, capital, entrepreneurship, and technology. Mankiw (2001) classifies these factors into physical capital (the stock of equipment and structures), human capital (knowledge and skills of workers including managers), natural resources (land, rivers, minerals and other products provided by nature), and technological knowledge (common and proprietary knowledge used in business). Any productive enterprise, including real estate development and construction activity, utilises all the factors of production  in various proportions in order to create its finished product. ...Download file to see next pagesRead More
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