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    GR 8 - FACTORS OF PRODUCTION Notes

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    The document discusses the key factors of production which are capital, labor, natural resources, and entrepreneurship. Capital refers to money and goods used to start a business, while labor involves all human physical and mental effort. Natural resources are gifts provided by nature, and entrepreneurship is the effort to coordinate all factors into a production unit.

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    GR 8 - FACTORS OF PRODUCTION Notes

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    18118
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    The document discusses the key factors of production which are capital, labor, natural resources, and entrepreneurship. Capital refers to money and goods used to start a business, while labor involves all human physical and mental effort. Natural resources are gifts provided by nature, and entrepreneurship is the effort to coordinate all factors into a production unit.

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    Gr 8 - FACTORS OF PRODUCTION notes

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    The document discusses the key factors of production which are capital, labor, natural resources, and entrepreneurship. Capital refers to money and goods used to start a business, while labor involves all human physical and mental effort. Natural resources are gifts provided by nature, and entrepreneurship is the effort to coordinate all factors into a production unit.

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    © All Rights Reserved
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    26 views2 pages

    GR 8 - FACTORS OF PRODUCTION Notes

    Uploaded by

    18118
    The document discusses the key factors of production which are capital, labor, natural resources, and entrepreneurship. Capital refers to money and goods used to start a business, while labor involves all human physical and mental effort. Natural resources are gifts provided by nature, and entrepreneurship is the effort to coordinate all factors into a production unit.

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    © All Rights Reserved
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    11/12/13 May 2022

    FACTORS OF PRODUCTION
    CAPITAL LABOUR

    Definition: Definition:
    Capital refers to all money and capital goods used to Labour is all human physical or mental effort used in
    start a business. the production of something.

    Remuneration: Types of labour:


    The payment for capital is interest. Skilled labour: people that are schooled and have a
    tertiary education certificate / diploma / degree. They
    Types of goods: are trained and can do a certain job / career well.
    Capital goods: Unskilled labour: people that are not schooled or
    Goods used to produce more other goods or provide have very little schooling. They are not trained in any
    a service. specific career.
    Consumer goods: Semi-skilled labour: people who have some
    Goods used for satisfying needs. - without making education and little training in a certain career but are
    more goods. not fully trained.

    Types of capital Classifications of labour:


    Own capital: Blue collar job: jobs that often make the worker dirty
    capital brought into the business by the owner from and he has to wear protective clothing.
    his own resources. White collar job: jobs that are often done in offices
    Borrowed capital: and the workers can be dressed neat.
    Capital borrowed from the bank or any other person. Permanent worker: person hired to work full time.
    There is no end time to his employment contract. He
    can stop his employment when he retires or resigns.
    Temporary worker:
    =worker hired for a specified short period of time.
    =worker hired to complete a certain task after which
    his job is automatically terminated.
    Internship: people who are temporarily working
    under supervision of a qualified person with the aim
    of learning the ropes. These are usually to complete
    their qualifications and become skilled workers.

    NATURAL RESOURCES ENTERPRENEURSHIP:

    Definition: Definition:
    Natural resources are all things provided by nature to The effort of man to coordinate and manage all
    produce goods and services. They are all natural gifts factors of production into a production unit.
    to mankind.
    Entrepreneur:
    Examples: air, wind, water, land, wild animals, The person who takes the risk to start and manage a
    domestic animals, etc. business.

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