Production refers to the process of creating finished goods from raw materials to satisfy
human wants.
Factors of production.
Land: Includes all natural resources that are given to man free of charge eg soil, water, forest
etc paid rent.
Labour: Physical and mental human effort employed in the process of production eg. Teacher,
manager, etc paid wages
Capital: Man made goods that assist in the process of production increases productivity of
land and labour. Eg machinery paid interest.
Enterpreneurship: Ability to organise other factors of production in appropriate proportions for
effective production. Paid profit.
sharon kalunda answered the question on March 4, 2019 at 13:13
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