Economics factor of production
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Economics factor of production

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Economics factor of production

Economics factor of production

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Economics factor of production Economics factor of production Presentation Transcript

  • FACTORS OF PRODUCTION LEENAVAISH1506@GMAIL.COM
  • The purpose of the topic is to introduce some basic concepts relating to production
  • Factors of production Land Labour Capital
  • CONCEPT OF PRODUCTION Production is defined as the process of converting the input (raw material) into output. Production may be an activity that generate income.
  • LAND Land is that factor of production which is available to us as a free gift of nature. It not include not only the soil but also other free gift of nature ( like forest, water, natural resources etc.)
  • CHARACTERISTICS OF LAND        Free gift of nature. Limited in supply. Differ in variety. Immobile. Passive factor of production. Alternative uses. Indestructible.
  • LABOUR Labour is the human factor of production and include all the physical and mental activities which are required in the process of factor of production.
  • CHARACTERISTICS OF LABOUR Human factor.  Active factor.  Cannot be separated from labourer.  Perishable.  Labourers sell his labour not himself.  Difference in efficiency.  Mobile.  Weak bargaining power.  More wages less work. 
  • CAPITAL Capital is the stock of produced means of production.
  • CHARACTERISTICS OF CAPITAL  Man made factor.  Mobile and transferable.  Depreciates.  Passive factor of production.
  • HUMAN CAPITAL
  • ELEMENTS OF PHYSICAL CAPITAL FIXED CAPITAL WORKING CAPITAL
  • Physical capital
  • What is production?  What are the various factor of production?  TEST YOUR ABILITY
  • HOME ASSIGNMENT How did the spread of electricity help farmers in agriculture? Discuss.