MGTA05H3 Chapter Notes -Industrial Revolution, Factory System, Information Revolution

• School: UTSC
• Department: Management
• Course: MGTA05H3
• Professor: Arif Toor

Document Summary

Theory of the factors of production: the means of. Labour is an essential input to every business understanding how businesses work. Capital (money or machines and technologies that money can buy) is an important input to every. Natural resources are an input to every business business. In the late 20th century, a fourth factor of production joined the other three (entrepreneurship) In the early 21st century, in response to the changing nature of many businesses, many argue that we should adapt our analysis and understanding of businesses to include information as a fifth factor of production. Labour: the people who contribute their efforts to a business. Labour intensive: a business or process that requires either a large number of workers or is particularly dependent upon workers: capital: money, or machines or technologies that money can buy. Capital intensive: a business or a process that requires either a large amount of capital or is particularly dependent upon capital.