View
451
Download
6
Category
Preview:
DESCRIPTION
Citation preview
PRODUCTIONPRESENTED BY D.A RADEBE
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.
FACTOTRS OF PRODUCTION
LAND LABOURCAPITALENTREPRENEUR
Land
is an original gift from nature
CHARACTERISTICS OF LAND
Free gift of nature.
Limited in supply.
Differ in variety.
Immobile.
Passive factor of production.
Alternative uses.
Indestructible.
Labour
is an exertion of physical and mental efforts of individuals
Capitalis
Capital is that part of wealth which is used for production
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.
ENTREPRENEUR
is the organizer and coordinator of the land, labor and capital.
Recommended