Production

Land or Natural Resources

Land or Natural Resources

Refers to all gifts of nature available for production.

Labour

Refers to the 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 create goods, make profits, and take risks.

Production

The process of transforming raw materials into goods and services.

Productivity

Measures the output produced from a given level of input.

Improving labour supply

Enhances efficiency by requiring fewer hours for desired output, potentially increasing the labor force.

Human Resource Development

Enhances individual and overall workforce performance through skill development and training.

Use of capital to increase productivity

Optimizes capital investments to improve efficiency and competitiveness.

Importance of positive work ethic

Demonstrates that efficient work leads to tangible results, fostering excellence.

Land use and declining productivity

Crucial for sustainable land management to prevent economic losses and environmental degradation.

Role of Capital in Production

Provides resources like machinery and infrastructure to transform inputs into outputs efficiently.

Fixed Capital

Durable equipment used repeatedly in the production process.

Working Capital

Capital needed for daily business operations.

Venture Capital

Money provided by investors to start-up a business.

Methods of Production

Include job, batch, flow, and lean production methods.

Types of Production

Primary production includes extractive, construction, manufacturing, and service industries.