The final assignment of computer slideshare
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Transcript of The final assignment of computer slideshare
Presented by:-Mphuti Abramstudent at UJ
CONTENTS CONTENTS
1) What is Production.2) What is Factors of Production.3) Basic Factors of Production.
• Land and its Features.• Labour and its Features.• Capital,Types and its
Features.• Entreprenuer and its
Features.
What is Production? Production means, a process by which
resources (men ,material, time etc.) 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.
What is ProductionWhat is Production
Production is an outcome of an economic activity.
Prof. J.R.Hicks defines Production as "any activity directed towards the satisfaction of other peoples wants through exchange."
What is Factors of Production
What is Factors of Production
1) Anything that assist production is
termed as factor of production.
2) But mere existence is not necessarily a factor of
production.
3) It become a factor of production only when it actually assist or
contributes to production.
Factors of Production
Factors of Production are parameters which affects output of any production.
Factors of production means ‘inputs’ and finished goods means ‘output’.
Input decides the quantity of output i.e. output depends upon input.
Input is the starting point and output is the end point of production process.
Basic Factors of Production
1) LAND 2) LABOUR
3) CAPITAL 4)ENTREPRENUER
Land
1) Land is the original and primary factor of production.
2) Without land the production process cannot exceed further.
3) In Economics all the natural resources that are available –
a) on the surface of the earth b) below the surface of the earth c) above the surface of the earth and which are used in the production
process is called LAND.
1) Land is the original and primary factor of production.
2) Without land the production process cannot exceed further.
3) In Economics all the natural resources that are available –
a) on the surface of the earth b) below the surface of the earth c) above the surface of the earth and which are used in the production
process is called LAND.
1) Land is a free gift of nature.
2) Land has no cost of production.
3) The supply of land perfectly inelastic.
4) Land is subject to Law of Diminishing Return.
5) Land is immobile.
Features of Land
MPHUTI ABRAM
Features of Land ……
6) Are “gifts of nature” and exist without human intervention
10
EPF.1b Consequences of Choices
12
LABOUR Refer to the effort of people which is applied
to the production of goods and services
1) Labour is a human factor of production.
2) In economics labour is defined as- “Economic activity of man with HEAD and HAND.”
3) LABOUR is human factor of any kind, manual or mental,skilled or unskilled, scientific or artistic undertaken with a view of creating or adding utility.
LABOUR
Features of Labour
1) Labour is a human factor.
2) Active factor.
3) Labour cannot be stored.
4) No two labours are identical.
Capital is the stock of produced means of
production.
CAPITAL
1) Capital is a man-made resource of production used to produce further wealth.
2) It refers to the stock of capital assets such as factories,machines, tools & equipments, raw material, transport vehicles etc…
3) Therefore capital is defined as “Produced means of production”
Capital
TWO ASPECTS OF CAPITAL
HUMAN CAPITAL
PHYSICAL
CAPITAL
HUMAN CAPITAL
Knowledge
Life experience
Skills and ability
Creativity
Physical capital
ELEMENTS OF PHYSICAL CAPITAL
FIXED CAPITAL
WORKING CAPITAL
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.
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.
Features of CapitalFeatures of Capital
1) Entreprenuer is a person who brings in land, labour & capital in one place & uses it for the production process.
2) He is the person who decides- a) What to produce? b) How to produce? c) Where to produce? 3) The person who takes these decisions along with
the risk associated with them is known as ‘Entreprenuer’.
Entreprenuer Entreprenuer
1) He must be a good administrator.
2) He must possess complete knowledge.
3) He must be a person of imagination.
4) He must be a man of action.
1) He must be a good administrator.
2) He must possess complete knowledge.
3) He must be a person of imagination.
4) He must be a man of action.
Features of
Entreprenuer
Features of
Entreprenuer
REFERENCE LIST
These work is a collection of three authors as listed here:Accessed 4 March 2014
1. Abhishek, A (2012)
http://www.slideshare.net/abhi23agrawal/factors-of-production-13714768?qid=5f0ffd07-05b5-445f-9b4a-39535c7952b9&v=qf1&b=&from_search=11
2. LEENA, V (2014) http://www.slideshare.net/leena1506/economics-factor-of-production?qid=5f0ffd07-05b5-445f-9b4a-39535c7952b9&v=qf1&b=&from_search=1
3. Shubham, S (2011) http://www.slideshare.net/ssinghalcool/factors-of-production-9747550?qid=5f0ffd07-05b5-445f-9b4a-39535c7952b9&v=qf1&b=&from_search=15
Presented by:-Mphuti Abram student at UJ