Factors of production
Business Studies J.S.S 1 Second Term
WEEK 3
Factors of production
Performance Objectives
1. List the factors of production.
2. State the features of each factor of production.
Content
What is the factor of production?
Factors of Production can be defined as the basic resources or agents used for producing goods and services. Factors of production make it possible for goods to be produced in the required quantity and quality.
The factors of production are land, labour, capital and entrepreneur.
Land
The land is a gift of nature; it refers to the resources provided by nature to aid the production of goods and services. Examples of land are rivers, farmlands, seas, the fishes in them, forestry, minerals such as coal, crude oil, iron etc. The reward for the land is rent.
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- Revision of last terms question paper
- Production
- Types of occupation
- Factors of production
- Honesty in business I
- Business Studies JSS1 Second Term Mid-Term Assessment
- Test
- Honesty in business II
- Forms of business organization I
- Forms of business organization II
- Forms of business organization III
- Consumer and society
- Business Studies JSS1 Second Term Final Assessment
- Test
- Chapters 12
- Category JSS1
- Author ClassNotes Edu
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