Importance of production and factors of production

Importance of production and factors of production
Production is important because of the following:

importance of production


Availability of goods and services: Production helps to ensure that goods and services are made available for use by human beings.

Improvement in standard of living: Production helps to ensure adequate improvement in the standard of living of many people.

Provision of employment through production of goods and services

ontinuous production ensures the employment of many people.

Increase in wealth of people: Production assists people to accumulate wealth as a result of continuous employment.

Increase in export potential: Production also assists a state or nation to boost her export of goods and services to other nations.

Acquisition of skills: The engagement of people in production leads them to acquire special skills

what are the factors of production of goods and services

SO WHAT ARE THE ACTORS OF PRODUCTION 

Factors of production refer to agents, components or resources which are combined together to produce goods and services. There are four factors of production. These are:
Land
Labour
Capital
Entrepreneur

WEED AND THEIR BOTANICAL NAMES
1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
2. DISEASES
3. 52. SOIL MICRO-ORGANISMS
4. ORGANIC MANURING
5. FARM YARD MANURE
6. HUMUS
7. COMPOST
8. CROP ROTATION

SO WHAT ARE THE ACTORS OF PRODUCTION 

Factors of production refer to agents, components or resources which are combined together to produce goods and services. There are four factors of production. These are:
Land
Labour
Capital
Entrepreneur

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