Take a case of a manufacturing company and analyse (i) the production process in which all factors of production are used by the company to produce a product. (ii) The impact of the production system on the environment. (iii) Give any five suggestions to improve the production process so that pollution is reduced. (iv) Advise the management on how they can improve labour productivity. (v) Identify the types of capital used in the production.
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Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum.
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