ECONOMICS FACTORS OF PRODUCTION GRADE 10

1. Economics
GRADE 10
FACTORS OF PRODUCTION

2. What is Production?
 Production means, a process by which resources are
 transformed into a more useful commodity or services.
 In general, Production means transforming inputs (
 Labour, machines, raw materials, etc.) into an useful
 & desired output.
 For e.g.
 Steel from iron ore,
 Legal services like medical, consultancy, hospitality
 etc.

3. The Four Factors are…

4. NATURAL RESOURCES
 “Gifts of nature” that make production
 possible, including:
 -Land
 -Water
 -Animals
 -Minerals

5. CHARACTERISTICS OF LAND
 Free gift of nature.
 Limited in supply.
 Differ in variety.
 Immobile.
 Passive factor of production.
 Alternative uses.
 Indestructible.

6. LABOR
 The term “labor”
 refers to the nation’s
 workforce.
 This can include
 anyone who works to
 produce good and
 services.

7. TYPES OF LABOUR

8. CAPITAL
 The manufactured goods used to make other
 goods and services. Examples include:

9. Capital as part of Wealth
 Any Commodity own by any person is his wealth.
 But when wealth is used in production process, it
 is called CAPITAL. For e.g.
 A motor cab own by any person is his
 wealth. But when this Car is used in Taxi
 Services, then it is called CAPITAL.

10. ENTREPRENEURSHIP
 Entrepreneurs are
 individuals who start
 new businesses,
 introduce new
 products, and
 improve a process.
 Some Famous
 entrepreneurs that
 you might
 recognize…

11. RUMINARATION
Paymentsfor
Resources

12. ABOVE I USED…
 Slide presentation by D.A Radebe (5/03/2014). Available on slideshare @
https://www.slideshare.net/mama-owethu/economics-factors-of-
production?qid=bb3278b9-80cb-439f-93b7-
9be018225c67&v=&b=&from_search=15. [Accessed 03/09/2018].
 Slide presentation by Crow0317 (03/10/2014) Available on slideshare @
https://www.slideshare.net/crow0317/factors-of-production-39836969 [Accessed
03/09/2018].
 Slide presentation by Muhammad Faraz. (15/01/2015). Available on slideshare @
https://www.slideshare.net/Sheikh_Muhammad_Faraz/factors-of-production-
43402221?qid=bb3278b9-80cb-439f-93b7-
9be018225c67&v=&b=&from_search=16. [Accessed 03/09/2018].

13. ☻
THANK YOU