Importance of production and factors of production, Production is important because of the following, he action of making or manufacturing from components or raw materials, or the process of being so manufactured .one importance of production is the process of combining various material inputs and immaterial inputs plans, knowledge in order to make something for consumption, read consumption theory here
importance of production
Availability of goods and services: Production helps to ensure that goods and services are made available for use by human beings.
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Improvement in standard of living is a key importance of production: Production helps to ensure adequate improvement in the standard of living of many people.
Provision of employment through production of goods and services
continuous 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 which a major importance of production
Acquisition of skills: The engagement of people in production leads them to acquire special skills …. read more on types of labour
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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 these factors serves to enhance importance of production
- loans for businesses
- how to establish enterprises
- what is a firm
- price equilibrium
- scale of preference
- concept of economics
- economic tools for nation building
- budgeting
- factors affecting the expansion of industries
- mineral resources and the mining industries
- demand and supply
- types of demand curve and used
- advertising industry
- factors of production
- entrepreneur
- joint stock company
- public enterprises
- private enterprises
- limited liability companies
- migration
- population
- market concept
- money market
- shares
- how companies raises funds for expansion
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, importance of production
