The website has the complete lesson note for all the subjects in secondary school but this piece showcases the SS1 Commerce Lesson Note on Factors of Production. You can use the website search button to filter out the subject of interest to you.
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FACTORS OF PRODUCTION
Meaning: Factors of production refers to agents, components and resources which are combined together to make production possible. These are:
LAND: Land is a free gift of nature. It includes all natural resources used in production liked ocean, forests, mineral resources, rivers, oceans, atmosphere etc. The reward for land is rent.
CHARACTERISTICS/FEATURES OF LAND
IMPORTANCE OF LAND.
Land is needed for the following purposes
LABOUR: Labour is defined as all human efforts put into production. It involves man’s mental and physical exertion in the process of production. The reward for labour is wages and salaries.
Types of Labour: There are three types of labour, namely:
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