Factors of production

Factors of production with descriptions
Group leader zameer Ahmed Wassan

1. Factors of production

2. Group members 1) MAJID ALI (18CH20) 2) MAHTAB ALI (18CH17) 3) ZAMEER AHMED (18CH19)

3. CONTENTS 1) What is Production. 2) What is Factors of Production. 3) Basic Factors of Production. • Land and its Features. • Labour and its Features. • Capital and its Features. • Entreprenuer and its Features.

4. PRODUCTION Production is defined as the process of converting the input (raw material) into output. Production may be an activity that generate income.

5. WHAT are Factors of production  Anything that assist production is termed as factor of production.  It become a factor of Production only when it actually effects or contributes to production.

6. land 1) Land is the original and primary factor of production. 2) Without land the production process cannot exceed further. 3) In Economics all the natural resources that are available – a) on the surface of the earth b) below the surface of the earth c) above the surface of the earth and which are used in the production process is called LAND.

7. lABOUR  In economics Labour is defined as- “Economic activity of man with HEAD and HAND.”  Labour is a resource which is used involved in every stage of production, either it is manufacturing or assembling, it affects production directly on indirectly. Labourer can be classified as; 1. Mental Labourer 2. Physical Labourer.

8. FEATURES OF LABOUR 1) Labour is a human factor. 2) Active factor. 3) Labour cannot be stored. 4) No two Labours are identical.

9. capital Capital is a man-made resource of production used to produce further wealth. 2) It refers to the stock of capital assets such as factories, machines, tools & equipments , raw material, transport vehicles etc… 3) In Economics, Capital is that part of wealth which is used for production.

10. Entreprenuer Entreprenuer is a person who brings in land, labour & capital in one place & uses it for the production process. 2) He is the person who decides; a) What to produce? b) How to produce? c) Where to produce? 3) The person who takes these decisions along with the risk associated with them is known as ‘ Entreprenuer ’.

11. Features of entreprenuers 1) He must be a good administrator. 2) He must possess complete knowledge. 3) He must be a person of imagination. 4) He must be a man of action.

12. REFERENCES Els, G., Ngwenya, L., Oliver, E., & Pretorious , E. (2012). Enjoy Economic and management science Grade 9 Learner’s book. (M. Bezuidenhout, Ed.) Sandton: Heinemann Publishers ( pty ) Ltd. WWW.SLIDESHARE.COM WWW.GOOGLE.COM/SEARCH. ABO WDK SEARCH KAYO GOOGLE TE