preethi p. kurian, social science
TRANSCRIPT
![Page 1: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/1.jpg)
![Page 2: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/2.jpg)
CONTENTS
1) What is Production.2) What is Factors of Production.3) Basic Factors of Production.
• Land and its Features.• Labour and its Features.• Capital and its Features.• Entreprenuer and its
Features.
![Page 3: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/3.jpg)
What is Production Production is an outcome of an
economic activity.
Prof. J.R.Hicks defines Production as "any activity directed towards the satisfaction of other peoples wants through exchange."
![Page 4: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/4.jpg)
What is Factors of Production
1) Anything that assist production is
termed as factor of production.
2) But mere existence is not necessarily a factor of
production.
3) It become a factor of production only when it actually assist or
contributes to production.
![Page 5: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/5.jpg)
What is Production? Production means, a process by which
resources (men ,material, time etc.) are transformed into a more useful commodity or services.
In general, Production means transforming inputs ( Labour, machines, raw materials, etc.) into an useful & desired output.
For e.g. Steel from iron ore, Legal services like medical, consultancy,
hospitality etc.
![Page 6: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/6.jpg)
Basic Factors of Production
1) LAND 2) LABOUR
3) CAPITAL 4)ENTREPRENUER
![Page 7: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/7.jpg)
Land1) Land is the original and primary factor
of production.
2) Without land the production process cannot exceed further.
3) In Economics all the natural resources that are available –
a) on the surface of the earth b) below the surface of the earth c) above the surface of the earth and which are used in the production
process is called LAND.
![Page 8: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/8.jpg)
1) Land is a free gift of nature.
2) Land has no cost of production.
3) The supply of land perfectly inelastic.
4) Land is subject to Law of Diminishing Return.
5) Land is immobile.
Features of Land
![Page 9: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/9.jpg)
1) Labour is a human factor of production.
2) In economics labour is defined as- “Economic activity of man with HEAD and HAND.”
3) LABOUR is human factor of any kind, manual or mental,skilled or unskilled, scientific or artistic undertaken with a view of creating or adding utility.
LABOUR
![Page 10: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/10.jpg)
Features of Labour
1) Labour is a human factor.
2) Active factor.
3) Labour cannot be stored.
4) No two labours are identical.
![Page 11: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/11.jpg)
1) Capital is a man-made resource of production used to produce further wealth.
2) It refers to the stock of capital assets such as factories,machines, tools & equipments, raw material, transport vehicles etc…
3) Therefore capital is defined as “Produced means of production”
Capital
![Page 12: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/12.jpg)
1) Capital is man-made factor of production.
2) Supply of capital is elastic.
3) Capital has mobility. 4) All capital is wealth but all wealth is not capital.
Features of Capital
![Page 13: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/13.jpg)
1) Entreprenuer is a person who brings in land, labour & capital in one place & uses it for the production process.
2) He is the person who decides- a) What to produce? b) How to produce? c) Where to produce? 3) The person who takes these decisions along with
the risk associated with them is known as ‘Entreprenuer’.
Entreprenuer
![Page 14: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/14.jpg)
1) He must be a good administrator.
2) He must possess complete knowledge.
3) He must be a person of imagination.
4) He must be a man of action.
Features of Entreprenuer
![Page 15: Preethi p. kurian, social science](https://reader031.vdocuments.site/reader031/viewer/2022021813/5883b2f41a28ab3b488b75eb/html5/thumbnails/15.jpg)
Preethi p. kurianSocial science