The Seven Factors of Production
Current Journal of Applied Science and Technology,
The review of the Factors of Production is reported. The dynamics and response of globalization has rubbished the age long definition of factors of production. General management as entrenched in operations and production in the past centuries gave birth to non-responsive and dormant factors of production which dictated public service bureaucracy. Information and Time change were of no essence. Bureaucracy has been swept off the stage in the face of the emerging technology-driven global markets were competitiveness demands that the consumer/customer is king. In this era, Information and Time are considered of great essence to the success or failure of products/project delivery to the consumer. Consequent on the above, the review has revealed seven factors of Production which are relevant and sufficient to drive the global markets.
- production factors
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