Production Factors Model in Economics and the Hospitality Industry in Thailand 4.0

Abstract

This article aims to study the model of using economic production factors in hospitality industry and readiness preparation to the era of Thailand 4.0 by analyzing the application of the four production factors in economics such as capital, labor, land and entrepreneur. It focuses on deployment of the production factors in the service industry, especially tourism, hotel and restaurant and MICE sectors in order to prepare the business to adapt themselves to the era of Thailand 4.0 potentially and with the international standard. The study found that the appropriate model of economic production factor deployment is from the entrepreneurs in the service industry who can choose the appropriate economic production factors which meet the demands of the consumers. Economically, this is like entrepreneur supply is created from the consumer demand and its conformance makes the production factor deployment efficiently and maximizes the benefits. It results in creativity and innovation pushing the business in service industry sector being ready for moving forward to Thailand 4.0, the economic system driven by innovation, creating values added to every sector of the society.