Factors of Production Sample Essay

Discuss how the factors of production ( natural resources. capital. human resources and entrepreneurship ) have changed throughout the four epoch of concern. Analyze the four epoch of concern and do a anticipation for what the following epoch will be like. Explain the principle behind your anticipation. I think the factors of production have made necessary accommodations to suit each epoch of concern. The Entrepreneurship epoch speaks for itself. Persons taking hazard to establish and run their ain concern is what made this epoch. The industrial revolution laid a footmark for the entrepreneurship epoch leting many enterprisers the resources to take those hazards to run their concern. Following in the early 1900’s was the Production epoch. While entrepreneurship was still really much alive and powerful ; along came the important epoch of Production. Again. bettering on the landscape of the industrial revolution enterprisers understand the importance of effectual production and the value of farther refinement procedure and production.

Using cardinal resources was cardinal for this epoch. Business’s calculating out cardinal elements and utilizing natural resources such as land and H2O to turn up their concern is cogent evidence. Besides man-made resources play a valuable function. I don’t believe it is any error that we seen most of the older Millss built by rivers and railwaies. Following the Production Era is the Marketing epoch. Post WWII this epoch focuses on the consumer. The parts of human resources begin to develop as a really of import merchandise in itself. Understanding the demand of the consumer’s needs or necessities and selling to those elements we all know has been really important. Understanding the demands. selling and presenting the goods are great but now how do we go on this procedure and do certain we have succeeded and maintain that consumer happy? How do we cognize if the consumer needs more or less? Answer: The Relationship epoch. This era the concern dressed ores on edifice that long term relationship with the consumer.

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Looking in front of each dealing they look at how they can non merely construct but better the consumer experience. Using many factors of production and research concerns analyze how they can construct and better these relationships. Bing able to set up these consumer relationships and holding the chance to have this valuable feedback at times can be really intimidating work. That is why I genuinely believe the following epoch will be the Social Era. Understanding that engineering has played a important function in some of the latter era’s we have most late seen computing machines and the cyberspace go a large piece of this engineering. As we have seen history would propose that the old epoch would be a nice bluish print to the following. I believe the Social Era would continue and congratulate the Relationship epoch appropriately. Like the relationship era the societal epoch dressed ores on edifice and bettering on the consumer relationship.

However. it adds many key and effectual elements. Previously concern had to trust on one manner communications and selling via engineering. Often responses. alterations. and execution lacked effectiveness via the clip it took to acquire information. With the societal development upon us business’s can do existent clip alterations. execution. and pass on more efficaciously via existent clip information received by societal mercantile establishments from the costumier. I have seen business’s late change a merchandise. selling run. scheme. etc… in existent clip to assist break the clients experience. How about crisis control? Look at what concerns have been able to win by societal mercantile establishments. Crisis or errors that could hold taken hebdomads. months and even old ages antecedently now can be identified and corrected in existent clip thanks to the existent clip response it can derive from the client in this societal development.