Commerce SSS1 First Term
The student should be able to:
- List the factors that determine the volume of Production
- Explain the factors of Production
- Explain division of Labour, Advantages and Disadvantages and limitation to division of labour,
- Discuss Specialization and Exchange, Interrelation between production, division of Labour, Exchange and Specialization.
FACTORS THAT DETERMINE THE VOLUME OF PRODUCTION
The market size: The size of the market refers to the demand for goods produced. The greater the demand for the goods; the greater the volume of production
The efficiency of other factors of production: The more the efficiency of other factors of production, the more the increase in the volume of production.
Level of technology:
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