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Time as a Factor of Production

Abstract

Goods and services are produced/provided for consumption.  It is also said that production ends when the good/ service reaches the final consumer. When goods are produced or services are provided without a final consumer then that business set up is a waste to the society because the available scarce resource in the country are misused by the enterprise. Such unfortunate incidents could stem from many factors which include unwholesome goods/services made available for consumption, cut throat prices, poor market survey and government policies among others.  Many inputs are combined before a given product (output) could come out.  Such inputs include raw materials, human efforts, machines and management of these inputs for the benefit of society which are popularly styled factors of production.

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