1. Presented by: N P Buyaphi
201110378
by Vinod Solanki, Owner at none on Jan 16, 2014

2. 1.
2.
a)
b)
c)
d)
3.
4.
5.
What is production?
Factors of production
Land
Capital
Labour
Entrepreneur
Remunerations of the factors of production
Quick quize
References

3. Production
means, a process by
which resources (men ,material, time
etc.) are transformed into a more useful
commodity or services.
Generally , production means
transforming inputs which economists
call ‘factors of production’ ( Labor,
machines, raw materials, etc.) into an
useful & desired output.
by bernamarcos on Feb 13, 2012 and by Shubham Singhal, Working at Shubham Singhal on Oct
18, 2011

4. Factors of production
refers to the recourses
use to make goods and
services

5. Continue...
 There are four major factors of
production, namely;
 Labour
 Land
 Capital
 Entrepreneur
by Shubham Singhal, Working at Shubham Singhal on Oct 18, 2011

6. This does not just mean the land that the business is built
upon!
It also means anything that you get from the ground! Like
Fishing, oil, farming, logging, minerals.
by mattbentley34 on Sep 13, 2011

7. It includes more than the mere surface
of the earth.
Air, sunlight, forests, earth, water and
minerals are all classified as land, as
are all manner of natural forces or
opportunities that are not created by
people. Labor uses capital on land to
produce wealth.

8. The human power required for any production process
is called ‘Labour’.
by Shubham Singhal, Working at Shubham Singhal on Oct 18, 2011

9. Labourer can be classified as -:
 Mental Labourer
 Physical Labourer
by Shubham Singhal, Working at Shubham Singhal on Oct 18, 2011

10. For economic purpose, capital refers to man made
resources used to produce something else.

11. 1. Capital is man-made factor of production.
2) Supply of capital is elastic.
3) Capital has mobility.
4) All capital is wealth but all
wealth is not capital

12. The term 'Entrepreneur' has been
derived
from
a
French
word
'Entreprendre' meaning to undertake
certain activities.
Activities such as; taking risks
by Shubham Singhal, Working at Shubham Singhal on Oct 18, 2011

13. Risk takers
Administers
They decide on what, how and where
to produce

14. Land = Rent
Labour = Wages or Salaries
Capital = Interest
Entrepreneur = Profit
by bernamarcos on Feb 13, 2012

15. Pick a product or an industry and show the four
factors of production needed to make it.
Divide your paper into 4, give a definition for
each factor, and then illustrate it.
by mattbentley34 on Sep 13, 2011

16. http://www.slideshare.net/precious1990buyaphi/savedfiles?s_title=economic
s-factor-of-production&user_login=leena1506
http://www.slideshare.net/ssinghalcool/factors-of-production9747550?qid=327ba970-f9fe-441e-9e52253eb81c8c6d&v=default&b=&from_search=2#
http://www.slideshare.net/precious1990buyaphi/savedfiles?s_title=factorsof-production-13714768&user_login=abhi23agrawal
http://www.slideshare.net/mattbentley34/factors-of-production9234699?qid=327ba970-f9fe-441e-9e52253eb81c8c6d&v=default&b=&from_search=8#
http://www.slideshare.net/bernamarcos/production11547607?qid=327ba970-f9fe-441e-9e52253eb81c8c6d&v=qf1&b=&from_search=49#
http://www.slideshare.net/Macias17/tjesus-maciaswhat-is-economics-1#