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Economy

The role that factors of production play in the economy

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The role that factors of production play in the economy

The role that factors of production play in the economy has never changed, particularly facilitating economic growth. The factors of production remain the same regardless of culture. How Europe and Latin America perceive the factors of production cannot, therefore, be different from the way, the other parts of the world view the factors. However, clarity should be made regarding what capital means as a factor of production. Due to the ever-changing economy and the business environment, especially production, there are significant aspects that must be considered while factoring in both land and labour in production. Maximizing profit while reducing the cost of production is critical. Having a sustainable economy requires efficient utilization of the factors of production alongside the latest technology to manage resources. Proper management of resources is significant in not only maximizing profits but also reducing the cost of production hence leading to economic progress.

Student 2

Globalization has enhanced international business making it easier to trade or invest across borders. However, some challenges are associated with the demands of international trade. Managers of international businesses ought to equip themselves with the best skills and knowledge that can enable their businesses to succeed. The new management geography is, therefore, the ultimate solution to the managers by equipping them with skills that they can use to succeed in international businesses. Cross-intersection of disciplines offers a broader perspective of handling the numerous challenges that emerge in international platforms such as cultural and economic differences. Achieving global dominance requires more than a single skill because of the high competition. Economic geographers strive to ensure dominance in the global market through the enhancement of the areas that need adjustments such as the roles of expansion and interactive managers. It is, therefore, apparent that international business cannot succeed without the proper acquisition of management skills that can help in outshining the competitors in the global market.

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