Overview

Economists usually classify what who call future of production into land, labor and capital. Why technological innovation is one another factor of production. For example, the economic process indicates that the first step is resources from the earth, e.g. solar energy supplies to earth to satisfy human needs. In the economic process, it needs these both supplies, driving force of transformation energy supply and captalyst, such as skills, knowledge, organization, creativity, creative participation in consumptions supply. Then, manufacturers shall change these both supplies to production and distribution of ordered materials and utilities in the economic process. Finally, it will provide to human consumption and human spent resources returned to earth in the final step. Another example of the elements of the economic process: the input is driving force of transformation stage of energy sources, e.g. sunlight firewood, oil and gas, coal, nuclear and household and industrial waste. Next is the economic process stage: facilitators, it includes tangible facilitator includes skills, knowledge, organization, creativity, e.g. language, science, technology, industry, machine, politics, law and order, defence, strategic plan, information systems, administration, tangible facilitator includes incentive system, e.g. money, banking, insurance, shares, private or public organizations, markets, land area. Finally, is the product of innovation stage, it includes utilities, such as electricity, heat, light, sound, motive power as well as ordered materials ( products), such as bread, meat, mine, shoes, clothes, houses, television, roads ( public goods) etc.

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9781079027075

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