Economy is a very crucial topic in every country of the world. Economy plays a major role in people’s lives, because it’s a part of their will being. Thee major factors of the economy of its production are land, labor, and capital, which are all very closely interdependent with each other. Looking at the first factor of production “land”, we see that land gives us food, money, place to live and enjoy our lives. For example, the family farm (Project#6) is still a very important part of American life as it has been in the past.
Although many people who are engaged with agricultural career get in trouble sometimes, because of the weather conditions or falling prices on the agricultural products, the land is till a critical part of U. S. ‘s life. Land gives us different products for a better and healthier life. The trees that grow on land, if being taken a good care of, give us fresh and clean air and take in Carbon Dioxide gas instead. This reduces the percentage of people getting sick.
Land is also good for the natural resources, which makes our country’s economy much stronger in comparison to others. Therefore, the land is an extremely valuable factor of the production. However, not only land plays a big role in the economy of the country, labor is a very significant factor as well, that should be paid a lot of intention to. If people stopped working, nothing would be done and probably this earth wouldn’t exist at all. Labor can hurt or bring a lot of success to people.
If there are a lot of workers, the production usually slows down because not one contributes a needed amount of work. This concept could be applied to almost any topic. For example, baseball team (Project #1) requires players to do a lot of practicing in order to win the game. However, although we think that all of the American League’s teams and National League’s team are worth each other and play almost the same, on the actual field, where the game is taking place, we notice that one team is winning while another is loosing.
That is because not enough labor was put into the practice, which leads to bed results and low average salary. For instance, in the National League, Arizona Diamondbacks won 100 games in 1999, and their average salary was the highest one. But Florida Marlins won only 64 games in 1999, thus, getting the lowest average salary out of all the National League’s teams. Therefore, even in baseball we see how crucial the labor is, and that is in every part of our daily life.
This could be applied to school, different jobs, government, and etc. abor makes a big difference in the production of goods and success of the country. The third very critical factor of the production is capital. The economics’ capital is considered to be a buildup of products produced in the past that are still being in use in the present days for production of the new goods and services. For instance, in order to have a good capital in United States, many McDonald’s restaurants were opened (Project# 4) all over US and even in foreign countries as well.
This shows that the capital of US will increase gradually because these little restaurants became very useful and popular for American and foreign populations. More and more people to McDonald’s to bye food, because it’s quick, delicious, and inexpensive comparing to a real restaurant. These little restaurants have existed for more than ten years already, and different firms that are holding them earned quite a big capital for United ‘States economy, because each and every person contributes to the national economy through his labor.
If this progress will continue, not only with the restaurants, but with other products as well, the capital will go up very fast, which is excellent for the country. The factors of production besides being the demand and supply of the product are also very interdependent upon each other. They all contribute to the economic growth and well being of our country. First example about the baseball, which brings the issue of labor, sets a great example for the rest of the population and the players as well of how important the labor really is.
The second example about the land and the family farm shows that the land is also a big contribution to our economy through giving off useful and important products for sustaining a good and healthy human life. The third example is about the McDonald’s restaurants and how important they are to raise the capital of our country, and maintain a well being of our system. Therefore, according to all of the three examples, it’s eminent that land, labor, and capital are extremely crucial for our economic growth.