The Factors Of Production And Their Rewards - 2377 Words

HOW TO ENHANCE FACTORS OF PRODUCTION TO GROW AN ECONOMY Vicky Michaella IRADUKUNDA How to enhance the of production factors to grow an economy? Factors of Production are an economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship. The capital is all of the tools and machinery used to produce a good or service. Land represents all natural resources, such as timber and gold, used in the production of a good. While labor is all of the work that laborers and workers perform at all levels of an organization, except for the entrepreneur. The entrepreneur is the individual who takes an idea†¦show more content†¦Pricedirects the use of land in its most productive perspective. Rent will be higher if it is generating high yield. According to Mason Gaffney, Productivity of land can be enhanced by utilizing it at its most. There are two types of land which are utilized in different ways: 1. Urban land 2. Agricultural land Enhancing the use of urban land Urban land use comprises two elements; the nature of land use which relates to which activities are taking place where, and the level of spatial accumulation, which indicates their intensity and concentration. Central areas have a high level of spatial accumulation and corresponding land uses, such as retail, while peripheral areas have lower levels of accumulation. Therefore, enhancing the use of urban land is all about increasing the level of spatial accumulation, especially in central areas, by encouraging the opening of new businesses. However, the central planning authority of land has to ensure that there is available land for proper transportation to and from the CBD and land for green spaces. Enhancing the use of Agricultural land Agricultural operations that will enhance farm production and protect natural resources include all aspects of farming, especially that of animal population density, and manures. Animal excrement has been recognized as an important source of macro and micro nutrients for healthy crop growth, and organic matter which is critical to improving soil fertility. Used as fertilizer, manures can improveShow MoreRelatedEssay on Employee Motivation 1738 Words   |  7 Pagesimportant aspect in many organizations. In our organization motivation is a key to the success. When evaluating administrative staff, sales people, and production workers, each department works well utilizing different theories. One theory could not work adequately for all three; therefore, three theories were used. Production workers utilize the Two-factor theory; sales people use Vrooms expectancy theory and the Equity theory works for the administrative staff. Combining all three theories into oneRead More Motivation I n The Workplace Essays1605 Words   |  7 Pageswill apply them to a fictitious organization that has the following three types of employees: salespeople, production workers, and administrative staff. We will discuss which of these theories would or would not be most effective to motivate these employee groups and try to explain why. The motivation theories that will be discussed are: Maslows Hierarchy of Needs, ERG (Aldefer), Two-Factor Theory (Herzberg), Equity Theory (Adams), and the Expectancy Theory (Vroom). Lets start with salespeopleRead MorePoor Employee Performance And Low Employee Morale1072 Words   |  5 PagesAutomirror Plant case study highlights the problem of poor employee performance and low employee morale. The company’s managers have implemented a bonus system that is based on the assumption that the employees will be motivated solely by extrinsic rewards. According to Maslow’s Hierarchy of Needs Theory, the bonus system only appeals to lower-lev el physiological needs. Maslow’s theory identifies physiological needs as the need to sustain one’s basic life needs, such as housing, food, and clothing.Read MoreLeadership - Motivation and Performance765 Words   |  4 PagesThe Expectancy Theory of Motivation explains the factors or the levels of which employees are motivated. There is a direct correlation of an employee’s trend to act in a scenario is dependent on the expectation the act will render. There are three key components and relationships in the expectancy theory. Effort-performance, Performance-reward, and Rewards-personal goals relationship are the three factors that define this correlation. These three will be discussed in detail accompanied by a proposedRead MoreExpectancy Theory of Motivation714 Words   |  3 Pagescorrelation of effort to reward, the higher the expectancy factor will be. 2 Instrumentality: Instrumentality is related to the performance leading to a reward. Instrumentality incorporates the belief of an employee, that for a given performance there will be a proportional rewards for that employee. The higher the association of performance to reward the higher the instrumentality factor will be. 3 Valence: Valence is the value that the employee places on the reward for achieving theRead MoreLet1 Task 317.1.1-06 Essay674 Words   |  3 Pagesforth three key components: expectancy, performance, and valence. From the base component of the theory, which is expectancy, behavior is built by an individual’s value of the reward or valence. Vroom’s theory of expectancy is used by manager to understand how individual employees are motivated and how they will respond to rewards closely tied to the tasks given. Expectancy is proposed to be an individual’s understanding of how their effort leads to a given performance level. Vroom put forth in his theoryRead MoreCompare the Functionalist and Marxist Views on Social Stratification1734 Words   |  7 Pagesabove the other in terms of factors such as prestige and wealth (Haralambos Holborn, 2004). Those who belong to a particular group or stratum will have some awareness of common interests and a common identity. They also sha re a similar lifestyle which, to some extent, will distinguish them from members of other social strata (Lenski, 1984). Social stratification involves a hierarchy of social groups and they either enjoy or suffer the unequal distribution of rewards in society as members of differentRead MoreTechnocraft: Managing Motivation1087 Words   |  5 Pagesbelonging to the work team, was not satisfied in this case given that Robert Houlden forcefully stopped all the informal working practices that contributed to create a good team spirit and feeling of belonginess. Another contributory factor to the problem of resentment is the lack of employment security, which Maslow identified as one of the main ‘Security’ needs in his theory. Indeed, George Newell’s refusal to admit to the mistaken and heavy-handed termination of contract of two seniorRead MoreLet1 Task 11087 Words   |  5 PagesThis component refers to the performance-reward relationship. After a worker has determined that their extra effort will produce a higher level of performance, the next question to ponder is whether or not that performance will in fact produce a desired outcome. If performing at a higher level produces the same results as working not nearly as hard, then the extra effort put forth seems wasted in the minds of most. Probably the most influential factor in making this determination is past experience