Business Studies - Junior Secondary 1 - Factors of production

Factors of production

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TERM: 2ND TERM

WEEK ONE

Class: Junior Secondary School 1

Age: 12 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic: FACTORS OF PRODUCTION

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

I.) Meaning and uses of factors of production

II.) List the factors of production

III.) State the features of each factor of production

IV.) Mention the importance of each factor of production of business

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S

ACTIVITY

STEP 1

INTRODUCTION

The teacher explains meaning and uses of factors of production

Students listens attentively to the teacher                                                                          

STEP 2

EXPLANATION

Teacher discussed the features of each factor of production and state the importance of each factor of production of business

Students exhibit attentiveness and active engagement

STEP 3

NOTE TAKING

The teacher writes a summarized

note on the board

The students

copy the note in

their books

 

NOTE

FACTORS OF PRODUCTION

Factors of production refer to the resources necessary for producing goods and services in an economy. They are inputs used in the production process to create output. The primary uses of factors of production are to generate income, facilitate economic growth, and satisfy human wants and needs through the production of goods and services.

Factors of Production

The main factors of production are traditionally categorized into four types:

  1. Land: Natural resources such as forests, minerals, water, and fertile land.
  2. Labor: The physical and mental effort contributed by workers to produce goods and services.
  3. Capital: Tools, equipment, machinery, and infrastructure used in production.
  4. Entrepreneurship: The ability to combine the other factors of production and take risks to create new products or services.

Features of Each Factor of Production

  1. Land: It is a fixed and passive factor, with limited supply and geographical immobility.
  2. Labor: Varied skills and abilities, can be trained, mobile between jobs..
  3. Capital: Includes physical (machinery) and financial (money for investment) capital.
  4. Entrepreneurship: Involves innovation, risk-taking, decision-making, and organizing resources.

 Importance of Each Factor of Production in Business

  1. Land:

   - Provides essential resources for production.

   - Determines the location and availability of raw materials.

   - Influences costs and environmental impact.

  1. Labor:

   - Executes production processes and delivers services.

   - Enhances efficiency through skills and specialization.

   - Influences overall productivity and quality of output.

  1. Capital:

   - Increases productivity and efficiency through automation and tools.

   - Facilitates business expansion and technological advancements.

   - Supports innovation and competitive advantage.

  1. Entrepreneurship:

   - Stimulates economic activity and business creation.

   - Identifies and exploits opportunities in the market.

   - Drives innovation and adapts to changing economic conditions.

 

EVALUATION: 1. What is the meaning of factors of production

  1. List all the factors of production
  2. State 5 features of each factor of production
  3. Mention 3 importance of each factor of production of business

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively