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.

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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

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.

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

 

  1. loans for businesses
  2. how to establish enterprises
  3. what is a firm
  4. price equilibrium
  5. scale of preference
  6. concept of economics
  7. economic tools for nation building
  8. budgeting
  9. factors affecting the expansion of industries
  10. mineral resources and the mining industries
  11. demand and supply
  12. types of demand curve and used
  13. advertising industry
  14. factors of production
  15. entrepreneur
  16. joint stock company
  17. public enterprises
  18. private enterprises
  19. limited liability companies
  20. migration
  21. population
  22. market concept
  23. money market
  24. shares
  25. how companies raises funds for expansion
  26.  
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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