SubjectPaid lesson
Theory of production - Production
CT
ClassNotes Team 6 MIN READUPDATED 5 JUL 2026Economics SSS1 First Term
WEEK 7
Theory of production - Production
Performance Objectives
Student should be able to:
- Explain the concept/ factor of production
- Explain the types of production.
- State and explain the characteristics of each factor of production.
Content
Meaning of production
Production may be defined as the various economics activities aimed at the creation of goods and services and the distribution of these to the final consumers for the satisfaction of human wants. Production has to do with the creation of tangible goods such as cars, tv sets, tables etc as well as services rendered by some professionals such as doctors, teachers, lawyers, soldiers, police and hairdressers.
Types of Goods
Goods and services can be classified into two…