Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. • Mechanisation: Mechanisation refers to using gadgets which accomplish tasks. Q = f (L, K) L = Labor Input K = Capital Input Inputs : Fixed inputs and Variable inputs The factors of production that is carry out the Factors of production powerpoint presentation 1. Students will then participate in a group activity in which they list all of the Factors of Production for an assigned good or service, create a poster of this information and share out with the class. fertile farm land, the benefits from a temperate climate or the harnessing of wind power and solar power and other forms of renewable energy . Land: Land includes all natural physical resources – e.g. 1 1 1. Factors of Production NAME:_____ After reviewing the factors of production notes on the back of this paper, complete the following activities. Once they have decided, students will make a tally mark under the one they think is the most important. Read each item AND decide which of the four factors of production it would be classified as: The Labour Market A business employs factors of production to carry out its business activity. The factors of production include land, labor, entrepreneurship, and capital. Presents the information needed to play The Production Factor Game, and provides examples of the playing materials. production. They must (JJD) The land is taken to refer to all the natural resources over which people have the power of disposal and which may be used in creating goods and also to yield an income. Q = output of a product X1 , X2 , X3 …. The four factors of production are one of the foundations of economic activity. Students are taught grammar inductively. This activity helps Econ students to identify Factors of Production using a case study scenario. Let us make an in-depth study of the meaning, definition, types and factors of production. factors of produc:on in order to produce goods and services. In this multiplication factors lesson, students discover how to find multiples for whole numbers. The aim of production is to produce goods and services that fulfill some of people’s requirements or to give people what they want. Ask students to develop options for what the company should do to keep their production costs down if there is a potato shortage. There are markets for these factors of produc:on where they can be bought (demanded) and sold (supplied). 3) It become a factor of production only when it actually assist or contributes to production. This business game simulates the interaction of the three primary production factors (work, land, and capital) and is suitable for use in economics or social science classes in high schools and colleges. E.g. 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