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TOPIC: Factors of agricultural production
CONTENT:
- Meaning of Production
- Factors of Production
Sub-Topic 1: Meaning of Production
Production is the process of manufacturing goods and providing services. OR
Production refers to all economic activities which result in the creation of goods and services.
Factors of production are those resources needed to achieve production. OR
For goods and services to be created during the process of production, certain factors have to come together. These resources or factors that are combined for goods and services to be produced are known as factors of production.
These factors are
- Land
- Labour
- Capital (money) and
- Management or Entrepreneur.
LAND: Land refers to where productive activities such as growing of crops, rearing of animals and establishment of farm buildings, etc are carried out. Land also includes soil, minerals, water and vegetation. Hence, it is a primary factor of production.
Land is a free gift of nature and is fixed in supply.
Characteristics of land
- It is geographically immobile.
- It is a natural gift.
- It’s value is determined by its location.
- It can be used as collateral for loan.
Importance of land in Agriculture
- Land is used for the cultivation of crops. E.g rice, maize, yam, etc.
- It is used for rearing animals.
- It is used for forest development
Sub-Topic 2: LABOUR:
Labour refers to all forms of human efforts (mental and physical) put into production of goods and services.
Characteristics of labour
1.Labour is mobile and has feelings and cannot be use anyhow.
- It is variable and not a fixed asset.