Factors of production.

Agricultural science S.S.S 2 Third term.

Week 6

Factors of production.

Performance objectives.

Students should be able to:

1. Define factors of production.
2. Mention factors of production.

Content           

Factors of Production

Every production requires resources which must be combined together to produce goods and provide services.

Production simply means a combination of natural, human and man-made (materials) resources to create goods and services.

Factors of production or agents of production are necessary resources that are combined together to bring about production.

Such factors include:

1. Land
2. Labor
3. Capital
4. Management or entrepreneur.

 

1. Land:

Land refers to the surface of the earth and all the natural resources therein, both on the surface and underneath.

Characteristics of Land

1. It is a fixed factor…