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KENYA ECONOMY eric karanja's podcast

KENYA ECONOMY eric karanja's podcast

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 FACTORS OF PRODUCTION

° land

° entrepreneur

° capital

° labour

° technology



WHAT AILS KENYA

Is failure not to utilize the various production factors.


ENTREPRENEUR

° requires money or fund to build factories to employ labour and get a profit.


Bank loans or shares capital firms is churned to supply funds to build or expand.

Creating a market presence


They need quick technological , to spur the market online or having a presence


LABOUR

Entrepreneur employs workers to aid them to carry out their core roles of profit making. This bring back cash or salary or capital to workers. Who uses their knowledge or brain or skills.

These skills are paid via salaries where the government get taxes.


Hello, these workers then get decent income to take care of their livelihood. They educate kids, they buy homes or they buy goodies the whole economy functions.


CAPITAL

Is the money required to start a business. You get this via various formation of an angel fund, share capital formation or as a debenture from banks


TECHNOLOGY

This is a new way of doing things that disrupt what was done effectively or efficiently.


No need for extra hours , we can do a task with less time. It means what much production. Is expected with less cost.

So technological innovation helps to lesen cost and saving on cost

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