zamokuhle mncwabe
TRANSCRIPT
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ZAMOKUHLE MNCWABE
201220884
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FACTORS OF
PRODUCTION
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What do you understand by term Production?
What are the various factors
that can be used for agriculture?What are the various factors
that can be used for setting up a new factory?
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Factors of production
Land
Labour Capit
al
ENTREPRENEURSHIP
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CONCEPT OF PRODUCTION
Production is defined as the process of converting the input
(raw material) into output. Production may be an activity
that generate income.
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LAND
Land is that factor of production which is available to us as a free gift of nature. It not include not only the soil but also other free gift of nature ( like forest, water, natural resources etc.)
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CHARACTERISTICS OF LAND
• Free gift of nature.
• Limited in supply.
• Differ in variety.
• Immobile.
• Passive factor of production.
• Alternative uses.
• Indestructible.
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Labour is the human factor of production and include all the physical and mental
activities which are required in the process of factor of production.
LABOUR
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CHARACTERISTICS OF LABOUR
• Human factor.
• Active factor.
• Cannot be separated from labourer.
• Perishable.
• Labourers sell his labour not himself.
• Difference in efficiency.
• Mobile.
• Weak bargaining power.
• More wages less work.
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CAPITAL
Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing
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• Man made factor.
• Mobile and transferable.
• Depreciates.
• Passive factor of production.
CHARACTERISTICS OF CAPITAL
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TWO ASPECTS OF CAPITAL
HUMAN CAPITAL
PHYSICAL
CAPITAL
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HUMAN CAPITAL
Knowledge
Life experience
Skills and ability
Creativity
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ELEMENTS OF PHYSICAL CAPITAL
FIXED CAPITAL
WORKING CAPITAL
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Physical Capital
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ENTREPRENEURSHIP
• A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
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Characteristics of Entrepreneurs
• A constant flow of ideas.
• A forward-looking approach.
• The desire to be an expert.
• Open-mindedness.
• An unwavering passion.
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REFERENCE LIST
BDM High School, Ambala. 2014. available from: http://www.slideshare.net/leena1506/economics-factor-of-production?qid=f4d69b2c-6d53-4995-a8b3-d6d61a258c77&v=default&b=&from_search=1Sarjoon2007. 2014. available fromhttp://www.slideshare.net/sarjoon2007/factors-of-production-9978899?qid=f4d69b2c-6d53-4995-a8b3-d6d61a258c77&v=default&b=&from_search=6Klein T. 2012. available fromhttp://www.slideshare.net/misterklein/tues-factors-of-production?qid=f4d69b2c-6d53-4995-a8b3-d6d61a258c77&v=default&b=&from_search=3