importance of production and factors of production

IMPORTANCE OF PRODUCTION AND VARIOUS FACTORS OF PRODUCTION IN

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

       FACTORS OF PRODUCTION

Meaning: 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
9. GRAZING AND OVER GRAZING

  1. IRRIGATION AND DRAINAGE
  2. IRRIGATION SYSTEMS
  3. ORGANIC MANURING
  4. FARM YARD MANURE
  5. HUMUS
  6. COMPOST
  7. CROP ROTATION
  1. IRRIGATION AND DRAINAGE
  2. IRRIGATION SYSTEMS
  3. INCUBATORS
  4. MILKING MACHINE
  5. SIMPLE FARM TOOLS
  6. AGRICULTURAL MECHANIZATION
  7. THE CONCEPT OF MECHANIZATION
  8. PROBLEMS OF MECHANIZATION
  9. SURVEYING AND PLANNING OF FARMSTEAD
  10. IMPORTANCE OF FARM SURVEY
  11. SURVEY EQUIPMENT
  12. PRINCIPLES OF FARM OUTLAY
  13. SUMMARY OF FARM SURVEYING
  14. CROP HUSBANDRY PRACTICES
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