ZIMSEC O Level Commerce Notes: Factors of Production

  • The four factors of production act as inputs during the production process.
  • They are also generally known as resources.
FactorDescriptionReward
LandRefers to the site on which production takes place including all the natural resources used in the production process.
For example Freehold land, farming land, a dam/lake, forests, air and mineral ore deposits such as iron ore.
Rent
CapitalThese are all the manmade aids to production including wealth put aside for the production process e.g. money, property plant and equipment, tractors etcInterest
Entrepreneurship/Enterprise/ OrganisationIs the ability, willingness to take risk and skill to run a business.
It combines all the other three factors of production.
Profit
LabourIs the effort put in by people in the production of goods and services.
It can be physical or mental effort.
Wages and Salaries

To access more topics go to the Commerce Notes page.

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