SubjectPaid lesson
Factors of production
CT
ClassNotes Team 2 MIN READUPDATED 29 JUN 2026Business 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…