Factors of production

Business Studies J.S.S 1 Second Term


Factors of production

Performance Objectives

     1. List the factors of production.

     2. State the features of each factor of production.


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.


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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