economics factors of production
DESCRIPTION
TRANSCRIPT
![Page 1: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/1.jpg)
PRODUCTIONPRESENTED BY D.A RADEBE
![Page 2: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/2.jpg)
What is Production? Production means, a process by which resources
are transformed into a more useful commodity or services.
In general, Production means transforming inputs ( Labour, machines, raw materials, etc.) into an useful & desired output.
For e.g. Steel from iron ore, Legal services like medical, consultancy,
hospitality etc.
![Page 3: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/3.jpg)
FACTOTRS OF PRODUCTION
LAND LABOURCAPITALENTREPRENEUR
![Page 4: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/4.jpg)
![Page 5: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/5.jpg)
Land
is an original gift from nature
![Page 6: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/6.jpg)
CHARACTERISTICS OF LAND
Free gift of nature.
Limited in supply.
Differ in variety.
Immobile.
Passive factor of production.
Alternative uses.
Indestructible.
![Page 7: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/7.jpg)
Labour
is an exertion of physical and mental efforts of individuals
![Page 8: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/8.jpg)
![Page 9: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/9.jpg)
Capitalis
Capital is that part of wealth which is used for production
![Page 10: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/10.jpg)
Capital as part of WealthAny Commodity own by any person is his wealth. But when wealth is used in production process, it is called CAPITAL. For e.g.
A motor cab own by any person is his wealth. But when this Car is used in Taxi Services, then it is called CAPITAL.
![Page 11: Economics factors of production](https://reader033.vdocument.in/reader033/viewer/2022061222/54c0c9b64a7959dd538b4634/html5/thumbnails/11.jpg)
ENTREPRENEUR
is the organizer and coordinator of the land, labor and capital.