Production
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8 Terms
Land or Natural Resources
Refers to all gifts of nature available for production.
Labour
Refers to all physical and mental contributions of employees in the production process.
Capital
Refers to man-made items used in the production of goods and services.
Enterprise
Involves bringing together all factors of production to produce goods, make a profit, and take risks.
Production
The process of transforming raw materials into goods and services.
Productivity
Measures how much output can be produced from a given level of input.
Importance of Productivity
Various factors like improving labor supply, human resource development, use of capital, and positive work ethic.
Role of Capital in Production
Capital provides resources like machinery, equipment, and infrastructure to enhance efficiency and drive economic growth.
