1. Grade 10, Unit 2, Factors of Production

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3. Tasks: ► Submit on Tuesday 29, 2008: 1. Activity 1 Page 8. 1. Activity 1 Page 8. 2. Activity 2 Page 9. 2. Activity 2 Page 9. 3. Activity 3 Page 11. 3. Activity 3 Page 11. 4. Activity 4 Page 13. 4. Activity 4 Page 13.

4. ► Factors of production = economic resources resources

5. What are the Factors of Production? ► They are 4 factors of production: 1. Land. 1. Land. 2. Capital. 2. Capital. 3. Labour. 3. Labour. 4. Enterprise. 4. Enterprise.

6. What are the Factors of Production? (continued) ► Land, Gifts of nature available for production. Gifts of nature available for production. - the supply does not change much with - the supply does not change much with time. time. - most land is occupationally mobile, it can - most land is occupationally mobile, it can be used for a number of purpose. be used for a number of purpose.

7. What are the Factors of Production? (continued) ► Capital, Human made goods used in production. Human made goods used in production. - the supply tends to increase with time. - the supply tends to increase with time. - the geographical and occupational - the geographical and occupational mobility of capital varies according to the mobility of capital varies according to the type of capital goods. type of capital goods.

8. What are the Factors of Production? (continued) ► Labour, All human effort (mental and physical) All human effort (mental and physical) involved in producing goods and services. involved in producing goods and services.

9. What are the Factors of Production? (continued) ► The number of available workers is determined by: determined by: - The size of population. - The size of population. - The age structure of the population. - The age structure of the population. - The retirement age. - The retirement age. - The school leaving age. - The school leaving age. - Attitude to working women. - Attitude to working women.

10. What are the Factors of Production? (continued) ► Labour force: People who are working or are seeking People who are working or are seeking work form. work form. ► The mobility of labour varies, Some workers may find it difficult to move Some workers may find it difficult to move from one area to another area. from one area to another area.

11. What are the Factors of Production? (continued) ► Enterprise, risk bearing and decision making in risk bearing and decision making in business. business. - most mobile factor of production. - most mobile factor of production.