inputs and outputs.nageng.weebly.com/uploads/2/0/9/0/20900602/... · inputs •inputs is an...
TRANSCRIPT
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What are we going to learn?
Definition of production.
Inputs and outputs.
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Production process
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Questions?
What is the difference between trading business and manufacturing business?
A: Trading business buys and sells finished products and a manufacturing business produce/ make goods.
What is the difference between consumers and producers?
Producers are businesses that produce goods and services and consumers are people who buy and use goods and services
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Production process
• Production is when inputs (raw materials) are transformed into outputs (finished goods or services).
• Production is the process where raw materials are converted into goods, for example, cotton into cloth and clothes, or where ideas and information are converted into goods and services.
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Inputs
• Inputs is an economic term covering all the materials, time, money, energy and ideas that go into making a good or offering a service.
• These inputs are called factors of production.
• Four factors of production are needed: entrepreneurship, capital, labour and natural resources
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1. Entrepreneurs
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Capital
• Money or machines that is used to or run start a business
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Land / natural resources
Inputs include a variety of different raw materials which all come from land.
• Raw materials are wheat or semi-produced materials like flour,
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Labour
• Labour is all human effort, mental or physical, for reward.
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Outputs
• are created as a result of the production process
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Production process
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VIDEO
What is the video about ?
What are the inputs in the video?
What is the process ? What is the output
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Group work
• Used the given picture
• Look at you picture, think of what you produce