Dynamics of markets

Introduction

Greetings grade 11, before we start our lesson I would like us to first watch the video below. by visiting the link below will give you an insight of what we going to learn about today.

https://youtu.be/0LJtWaJDRIY 

our today topic is Factors of Production.

 

 

Task
Process

Explain the four factors of production and give their examples:

1. natural resources

2. Labour

3. Capital

4. Entrepreneurship

Evaluation

Natural resources

• The material sources of wealth, such as timber, fresh water, land or a mineral deposit, that occur in a natural state and have economic value

• Those resources that humans needs to manufacture goods and services to satisfy their needs and wants

• All the scare materials in the environment that can be used to satisfy needs and wants, both directly and indirectly (5)

Labour 

• Labour includes all the work done by people, whether they are skilled or unskilled and whether they provide physical or mental (thinking) work

• Unemployed people are also considered to be part of a country’s labour force as long as they are willing and able to work. (5)

Capital 

Can be defined as machines and equipment that will be used in the production process to change the form of materials into useful goods and services.

• Wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing. (5)

Entrepreneurship 

• Are people who start, manage and control business – they take risks and make daily decisions to ensure the successful running of the business

• Start businesses in order to make money, and in the process, they create jobs, influence growth in the economy and raise the standard of living.(5)

Conclusion

Now that you have learnt about the factors of production you will be able to know what is the importance of the factors of production in the economy.

Go trough your textbook and look into characteristics of factors of production as we will focus in then in our next session

Credits

You've been easy to teach because of cooperation and willingness to to learn.

Teacher Page

Feel free to contact me when in need of clarity and more information or explanations.

contact details:

Watsapp

076 556 8375

Email:

218102221810220v.siwani@gmail.com

Regards

Miss Siwani