Four Factors for Production in the United States, Essay Example

The capacity of a nation to produce its own products identifies well with the most important elements that help establish a nation’s source of success. In the United States, the four common factors are noted as the natural resources, financial capital, human power and entrepreneurship. These four factors hold the foundation for the overall capacity of the US to take control of its resources as it makes sure to establish a constant source for the nation’s economic developmental feats.

First to note is the natural resources of the country. While America is noted as one of the most industrialized nations in the world, a large portion of the country [especially in the Southern part] is still dedicated to agriculture. With the emergence of new technologies, the country’s farmers continue to enhance the capacity of US agriculture to increase the volume of its production, not only to suffice the need of the people in the country, but also to create options of products being released as export factors.

The next element is that of the financial capital, which involves the capacity of the government to manage the people’s money through collecting taxes and using the same money to support developmental projects for the people. With such management of funds, the government is able to allocate proper amounts of financial resource needed to fund the survival of every person in the country, which supports the strength of the human resource of the nation. Considered as one of the most valuable foundations of any economy, the human resources of US comes at a very diverse form; with people coming from different nations, the US has the chance to manage both the talented and efficient workers who are ready to give service.

The last foundation of the US production operation is entrepreneurship. This element instantiates the value of the principles of entrepreneurship and how they are applied to manage all the other three resources mentioned earlier. In an aim of gaining from what the country has, the government utilizes the concept of entrepreneurship to make sure that every single operation in the country would produce remarkable results that the people and the government could use for further growth and development.

References

Barnes, Peter, Capitalism 3.0, A Guide to Reclaiming the Commons, San Francisco 2006, Whatiseconomy.com

Dill, Alexander, Reclaiming the Hidden Assets, Towards a Global Freeware Index, Global Freeware Research Paper 01-07, 2007,

Stiglitz, Joseph E., Global public goods and global finance: does global governance ensure that the global public interest is served? In: Advancing Public Goods, Jean-Philippe Touffut, (ed.), Paris 2006, pp. 149/164,