To put it in different terms, the factors of production are the inputs needed for supply. Entrepreneurship as a Factor of Production Entrepreneurship is the drive to develop an idea into a business. They product are not for sale. 1) LAND 2) LABOUR 3) CAPITAL 4) ENTERPRISE In general terms, Factors of Produc:on are the “stuff” used to make “things”. The factors of production … Dec. 15, 2020. Definition Of The Four Factors Of Production Commerce Essay. Factors of Production Definition. Producer b. An entrepreneur combines the other three factors of production to add to supply. The factors used in the production are called factors of production. Today, people engage in various activities to earn a living and to satisfy their numerous wants. The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. All of them contribute in the production. In order to manufacture output, a firm may require any amount of different inputs. Distributor c. Consumer. Occupation can be defined as any economic or productive activities which people engage in to create and provide goods and services in order to make a living. In production three groups of people are involve, namely: a. The inputs that an enterprise utilises in the production procedure are called as factors of production. The four factors of production act as inputs during the production process. Factors Determining The Types Of Occupation; Occupation In Commerce. The factors of production are land, labor, capital and organization. There are two stages in production, they are: (a) Direct Production: This is the type of production in which an individual produce goods and services only for family uses or consumption. This includes mineral deposits, water, arable land, vegetation, natural forests, marine resources, the atmosphere, sunshine and animal life. 13.16 illustrates the generalized relation­ship between the level of output and the level of input usage (with the factor mix of labour to capi­tal held constant). Top 10 blogs in 2020 for remote teaching and learning; Dec. 11, 2020 Stages/Types Of Production. For their contribution they are paid remuneration. This factor of production includes machinery, tools, equipment, buildings, and technology. Factor Description Reward; Land: Refers to the site on which production takes place including all the natural resources used in the production process. How to increase brand awareness through consistency; Dec. 11, 2020. Also Read: Sandeep Garg Solutions for Production Function. Testing Production Functions for Returns to Scale: Fig. Blog. ZIMSEC O Level Commerce Notes: Factors of Production. The payments made to the factors of productions are called rent, wage, interest and profits respectively. They are a fixed supply. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The most successful are innovative risk-takers. The Importance Of External Factors Affecting An Organisation Commerce Pages: 15 (3727 words); Assessing The Production And Operations Management Commerce Pages: 9 (2205 words); What factors determine the elasticity of demand for rail use Pages: 4 (972 words); The Importance Of Production Function And Production Management Pages: 7 (1504 words) It is possible to identify returns to scale. Natural Resources – sometimes called land – consists of all the gifts of nature. The factors of production are land, labor, capital, and entrepreneurship. Factors of Produc-on The scarce produc:ve resources of an economy can be placed into one of the four following headings. 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