FACTORS OF PRODUCTION

Agricultural science SSS1 Third Term

Week 6                                 

FACTORS OF PRODUCTION

Performance objectives.

Students should be able to:

1. Define factors of production.
2. Mention examples of factors of production.
3. Discuss each factor of production.

Content.

DEFINITION OF PRODUCTION

Production refers to all economic activities which result in the creation of goods and services. In other words, production is the process of making or manufacturing goods as well as the process of providing services. For goods and services to be created during the process of production certain factors have to come together. These resources or factors that are combined for goods and services to be produced are known as factors of production. There are four factors of production. These are land, labour, capital,…