Factors of Agricultural Production IV (Money and Its Characteristics)

Agricultural Science JSS1 Third Term

WEEK 8

Factors of Agricultural Production IV (Money and Its Characteristics)

Performance Objectives

Student should be able to:

     1. Define money.

     2. List the importance of money.

Content

Money is a man-made physical asset that is generally accepted as a means of payment and can be used to produce other goods and services. Money, when accumulated, can be used to buy or purchase inputs that can be transformed into output.

Money as a form of capital can be used to purchase or buy farm inputs like machines, computers, crude tools, seeds, seedlings, factories etc. Money is used in purchasing other factors of production (land, labour, water). The reward for money is INTEREST.

Importance…