Production

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.