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WEEK 8.
Topic: PRODUCTION
CONTENT:
- Meaning and Forms of Production
- Factors of Production
Sub-Topic 1: Meaning and Forms of Production
Production could be defined as any human activity that involves the making of physical goods and provision of services for the satisfaction of human wants. It is also seen as creation of utilities; utility means the ability of goods and services to satisfy human wants. In a nutshell, Production is any activity which gives services or changes the form, place or time of anything that is used to satisfy human needs.
Forms of Production/ types of production
There are three forms of production namely: primary production (extractive industry), secondary production (manufacturing and constructive industry) Tertiary production (commercial and direct services).
Primary production (Extractive Industry)
This type of production involves digging of raw materials or tapping and harnessing of natural resources from the land, sea and atmosphere. It includes farming, fishing, hunting, mining, quarrying, oil drilling etc. This form of production is referred to as primary production.
Secondary Production (Manufacturing and Constructive Industry)
Manufacturing: this is the process of converting of raw materials or primary products from the extractive industry into finished or semi-finished goods. This class of production includes furniture making, road construction, bridges, paper milling, food processing, car production, chemical, textile etc.
Constructive: this form of production is concerned with the design and manufacture of capital goods. Capital goods are equipment or machinery that can be used for a long period of time to make more wealth. it involves contract construction work such a s building roads, bridges, factories, equipment and residential and public building. Examples of companies in the construction industry include Costain, Julius Berger
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