M.L Dumisa-Micro Lessons PowerPoint Slides.pptx

This PPTX is on the factors of production, specifically labour

1. Factors of Production (Lesson 2) By Mr. M.L. Dumisa

2. Quick Recap: What was covered on the previous Lesson? What is Capital? List and Explain the TWO Types of Capital. List 2 Methods of Calculating Interest.

3. What is Capital? Capital encompasses the resources and tools needed for production, including machinery, tools, buildings, and financial assets. It is instrumental in enhancing productivity and efficiency in the economy. Capital contributed by the owner or entrepreneur of a business, and obtained, for example, by means of savings or inheritance, is known as own capital or equity whereas that which is granted by another person or institution via debt instruments is called borrowed capital, and this must usually be paid back with ...

4. Quick Recap: Calculating interest is fundamental for understanding financial capital growth. There are two primary methods: simple interest and compound interest.

5. What Do You Think Today’s Lesson Will Be About?

6. What is Labour? ' Labour ' refers to the collective physical and mental effort contributed by individuals in the production of goods and services. It is classified into various types, emphasizing the role of human resourcefulness in economic development and productivity.

7. The South African Labour Market: The South African labour market is shaped by distinct factors, including the official working age and the diverse components of its labour force. In South Africa, the official working age is typically defined as 15 to 64 years. This age range is crucial as it represents the segment of the population that is generally able to participate in the workforce, significantly impacting employment statistics and economic productivity.

8. Different Types of Labour: Unskilled Labour Unskilled labour includes jobs that require no specific skills or training. Workers in this category often perform manual tasks, such as cleaning or agricultural work, and are typically paid hourly wages.

9. Different Types of Labour: Semi-skilled Labour Semi-skilled labour involves jobs that require some level of training or skill but not advanced qualifications. Examples include operators of machinery or construction workers, who may require specific job training.

10. Different Types of Labour: Skilled Labour Skilled labour encompasses jobs that require specialized training or education, such as doctors, engineers, or tradespeople like electricians. These workers often command higher wages due to their expertise and training.

11. Skills Shortages in South Africa: South Africa faces a significant skills shortage, particularly in skilled labour sectors. This shortage affects economic growth and productivity, creating a gap between available jobs and qualified candidates. Unskilled and semi-skilled labourers often lack access to training programs, exacerbating the shortage of skilled workers needed in the economy.

12. Slido Activity