Mastergp
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Production as we know is seen as turning of raw materials into finish product, and It has some major of important of production that is it ensure the availability of goods and services, it also improve the standard of living of people by creating of employment because when a new firm is is created manpower would be needed which would bring more jobs to the people, and through productions people accommodate wealth and riches and still through production people are being lead to acquire a job or special skill though which we will provided with want we need.
It has some factors that determine it, they include :
Land, labour capital entrepreneur each has it own form in which operate they include:
Land: land is a free gift of nature it include all the natural resources such as the soil, forest, mineral, resources, rivers etc
Labour:
Labour involves all form of mental and physical effort used in the production of goods and services. The reward for labour is wages and salaries. And labour could be skilled or unskilled labour.
Capital:
Capital is manmade asset use in the production of goods and services, these include, physical cash, motor vehicles, raw materials.
It has some factors that determine it, they include :
Land, labour capital entrepreneur each has it own form in which operate they include:
Land: land is a free gift of nature it include all the natural resources such as the soil, forest, mineral, resources, rivers etc
Labour:
Labour involves all form of mental and physical effort used in the production of goods and services. The reward for labour is wages and salaries. And labour could be skilled or unskilled labour.
Capital:
Capital is manmade asset use in the production of goods and services, these include, physical cash, motor vehicles, raw materials.