Three Perspectives on a Current Issue from the Three Paradigms Being Research Paper

Three Perspectives on a Current Issue from the Three Paradigms Being Covered in Class - Research Paper Example take in paid by entrepreneurs basically constitutes the land resource, which is used to produce other economic goods and services. Human resource is an active factor of mathematical product, which constitutes human wear down as a service provision for the production of goods and services that is paid through wages and salaries. Man-made goods that argon used for further production of goods and services are referred to as capital goods and include buildings and machinery that are paid as interests. Land, labor, and capital are exploited for production of goods and services in the economy to constitute the bailiwick income. Factors of production that can be shifted are capital and labor while land can non be shifted, since it is a limited factor of production. Labor organizes capital for production although entrepreneurs must maintain an effective ratio of capital goods and labor with a production firm. The decision-making process needs to put into consideration that excess labor per social unit of capital and vice versa may lead to spillagees due to inefficiency. Therefore, labor and Capital must be applied in effective ratios for realization of the highest manageable economic value (Sagar 50). Organization of Factors of Production Enterprises should be organized by combining labor, land, and capital effectively through a business plan so as to start and run the business. Organization of factors of production does not only constitute planning and running a business, but also absorbing loss for continued production. Enterprise organization as Production process is complex and essential, since there exists small situations in and outside a country that influence organization, thus the necessity of proper planning and operation of an enterprises. Land, as a factor of production, is controlled by land owners, while capital goods are controlled by cap italist and labor as a human resource with respect to occupation skills and salaries. These factors of production are scattered within the economy and thus the need for organization of these factors of production. accessible Institutions The economic interactions of technology, capital goods and social institutions contribute significantly to economic growth through effective production. Social, political, economic and legal institutions in a country touch on the economic growth both positively and negatively. Normally, countries seek to redesign their social, political and legal institutions to alter their impact for the improvement of the economy. Institutions that are known to be just in contribution to economic growth should lead to importation of the institutional structures of another country that has benefited from economic growth. Examples of countries that have import institutional countries include Dubai, which imported Londons commercial law that helps the government i n city regulations. However, in many countries, the complete overhaul of institutional structure may not be possible due to political and social disagreements. Political, legal and social institutions go beyond the aspects of basic institutional entities such as the judiciary and parliament.