Title : PRODUCTION
Learning Outcomes :
1) Define the concept of production.
2) Understand the factors of production.
3) Recognise the role of technology in modern production.
4) Appreciate the importance of all factors of production.
Note:
Production is the process of converting raw materials into finished goods and services to satisfy human wants and needs.In simpler terms, it's how we make things that people use from food and clothing to cars and apps.
There are four main factors involved in production:
1. Land :Includes all natural resources (soil, water, minerals).
2. Labour :Human effort, both physical and mental.
3. Capital :Tools, machines, buildings, and infrastructure.
4. Entrepreneurship :The person who organizes the other factors and takes business risks.
Assessment questions:
1. __________ is the process of making goods and services.
2. Name and explain any two factors of production.
3. Why is labour important in production?
4. How is capital different from land?
5. Give one example each of land, labour, and capital.
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