chithra ppt
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chithra pptTRANSCRIPT
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Name of the student trainee : Chithra.R Option : Social science Candidate code : 13359004 Year : 2013-2014
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Introduction
The labour, natural resources, goods made by human beings used in production are together called as factors of production.
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Factors of production
The major factors of production are:
Land Labour Capital Organization
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Land
basic factor of production. natural resource. found in the surface and interior of the earth. remuneration of land is called “rent”.
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Labour
active agent of production.
human beings are the source of labour
remuneration paid for labour is called “wages”.
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Capital
manmade instrument of production are called capital.
eg; machines, factories, computers, building etc.
the reward for the service of capital is called "interest” .
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Organization
combination of land, labour and capital for production is called organization.
the reward for this service is called “profit ”
the person who owns the organization is called entrepreneur
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Conclusion
Production is possible only through the combined effort of land, labour, capital and organization.
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• Text book of standard IX
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