There are three basic factors of production: land, labor and capital. Land is a naturally occurring goods such as soil and minerals. Labor is the human effort used in production. Capital is goods that are used in the production of other goods, such as machinery, tools and buildings. An increase in production is therefore taken to be the result of an increase of these factors.

Land will always be an essential for production. As it becomes sparser the more valuable it will come. It is necessity for us to survive. It is how we grow our food, where we build our homes and where we work. Technology, as it becomes small

With the basic factors of production and the efficiency of technology America has many more opportunities in the technological field yet to still be discovered and it will remain the primary source of economic growth for generations to come.

er (i.e. computers), will make the land needed less.

The chief value of technology is efficiency. Technology has streamlined the efficiency of labor for example by using assembly lines to manufacture computers, and cars. We are able to produce many more units of an item in much less time. We have also been able to improve the ability of management to monitor labor such as the use of quality control systems, time punch machines, etc.

Less capital is necessary to do the same job due to the decreasing cost of technology. Production processes that use to require whole warehouses full of machinery now require a single assembly line with robots. Old processes that use to require highly trained craftsman with expensive tools now are done with lasers and automated machinery. The capital required to c

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