Tag Archives: Factors of Production

Resource Economics: Islamic Perspective

Salman Ahmed Shaikh In economics, the four broad categories of resources include land, labor, capital and entrepreneurial ability. It is the entrepreneurial ability which helps in capital formation with improvement in quality and quantity of capital which in turn also … Continue reading

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Production Function in an Islamic Economic Framework

Salman Ahmed Shaikh Production function in economics explains the functional relationship between inputs and output. Whatever mathematical form the production function takes, the basic ingredients of any production function are inputs and how they relate with output. The most commonly … Continue reading

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Opportunity Cost of Capital in Islamic Economic Framework

Salman Ahmed Shaikh Opportunity cost is a useful concept in economics. Below, we try to explain how this concept is used to justify interest by some contemporary scholars. If I have a job paying me $1,000 a month and I … Continue reading

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