Introduction
Several important components influence the production of goods and services by businesses. According to Solomon et al., the key factors of production are labor, natural resources, capital, entrepreneurial talent, intellectual property, and technology (36). The importance and role of these factors depend on the nature of a business, and the present paper will seek to explain the factors of production-related to Southwestern College.
The Factors of Production
First of all, not all of the resources listed above are critical to the production of services in an educational organization. For instance, natural resources are not necessary, since Southwestern College does not make goods from raw materials but provides services instead. The factors of labor, technology, and intellectual property, on the other hand, are critical to the organization. The human resources of the organization include professors and tutors delivering education to students, as well as other staff who help to run the campus smoothly.
Technology enables the institution’s research team to conduct research, thus generating intellectual property that adds to the educational experience and contributes to various subject fields. Capital and entrepreneurial talent are also significant since they help to develop the organization, make business decisions, and improve services and facilities (Solomon et al. 36).
Conclusion
Based on the information above, the complete list of priorities in terms of production factors: labor, technology, intellectual property, capital, entrepreneurial talent, and natural resources. To succeed in producing and delivering services to students, the College needs to ensure a good student-to-faculty ratio, and improve its technological capacity to contribute to research projects and technology-aided learning. It also needs to use its financial capital to improve the facilities continuously. These recommendations will also help to enhance and maintain the quality of educational services provided by Southwestern College.
Work Cited
Solomon, Michael R., et al. Better Business. 5th ed., Pearson, 2018.