Is Competence One of the Production Factors?

The changing business world is forcing a reorganisation of the system and the adoption of new paradigms in business management. Fundamental to these changes are the transformations taking place in the evolution of the economy. The current period is referred to as the post-industrial era, also known as the knowledge era or sometimes the information era. Each era is defined by factors of production. In the belief of the author of this publication, the time has come to expand the fourth factor of production from knowledge to a broader concept - competence. The concept of competence bears an expression of the unlimited perception and determination of the qualities of the members of an organisation, who not only create it, but mainly create its successes or failures. Particularly in times of increasing importance of services, the competences of team members, which are part of creating the added value of the provided business services, are gaining ground.