Professional Courses
Industry-relevant training in Business, Technology, and Design to help professionals and graduates upskill for real-world careers.
Categories
Interactive Games
Fun, engaging games to boost memory, math fluency, typing speed, and English skills—perfect for learners of all ages.
Typing
Memory
Math
English Adventures
Knowledge
Factors of production are essential inputs used to create goods and services, consisting of land, labour, capital, and entrepreneurship. Each factor has unique characteristics, rewards, and plays a critical role in economic activity, impacting productivity and overall economic growth.
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Sections
References
ea2.pdfClass Notes
Memorization
What we have learnt
- Factors of production are t...
- The four primary factors ar...
- Efficient utilization of th...
Final Test
Revision Tests
What we have learnt
- Factors of production are the resources required for the production of goods and services.
- The four primary factors are land, labour, capital, and entrepreneurship, each with specific characteristics and rewards.
- Efficient utilization of these factors leads to increased productivity and improved standards of living.
Key Concepts
-
Term: Factors of Production
Definition: Inputs or resources used in the process of producing goods and services.
-
Term: Land
Definition: Natural resources utilized in production, with a fixed quantity and immobility.
-
Term: Labour
Definition: Human effort, both physical and mental, invested in the production process.
-
Term: Capital
Definition: Man-made resources such as machinery and tools, used for further production.
-
Term: Entrepreneurship
Definition: The ability to organize and manage production processes and take risks in business.