Lesson Notes By Weeks and Term - Senior Secondary School 2

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  4. Factors of production

Term: 3rd Term

Week: 9

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:    Agriculture

Topic:-      Factors of production

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

  1. Define factors of production
  2. Mention the factors of production and discuss each factor

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 reviews the previous lesson on basic economic principles

Students pay attention

STEP 2

EXPLANATION

She defines factors of production.

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She further mentions the factors of production and discusses each factor

 

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

FACTORS OF PRODUCTION

Production is all the activities that result to creation of goods and services. It is also the process of creating goods and providing services. For production to occur, certain factors have to come together, these factors are land, labour, capital and entrepreneur or management.

 

LAND

This is a fixed factor of production where agricultural and non-agricultural activities take place.

Features of Land

  1. Land is a natural gift
  2. Land can appreciate or depreciate in value
  3. It is geographically immobile
  4. It is abundant in some areas and scarce in other areas
  5. It is heterogeneous in quality, differing from one place to another in topography, soil texture, soil structure and fertility
  6. It is subject to the law of diminishing return because it is limited in supply
  7. Its reward is rent
  8. It suitability influences output
  9. Its value is determined by its location
  10. It can be used as collateral for loan
  11. Its availability is subject to the land use act/law.

 

LABOUR

Labour is human efforts used in the production of goods and services

 

Features or Characteristic of Labour

  1. Labour can be intellectual, manual or physical provided it is directed towards production of goods and services
  2. Labour is mobile and has feeling and cannot be used anyhow
  3. Labour exist in three forms,

(a) skilled labour

(b) semi-skilled labour

(c) unskilled labour

  1. The unit of labour is man-hour or man days
  2. The reward for labour is wages and salaries
  3. It converts natural resources into suitable products
  4. It is a variable asset
  5. Its size and quality influences output or production
  6. Its output can be improved by training

 

CAPITAL

These are assets made by man to enable him produce goods and services

Features or Characteristics of Capital

  1. Capital can be hoe, cutlass, tractor, farm building cash in hand and other farm implements and equipments.
  2. It can depreciate or appreciate
  3. Sources of capital can be personal saving, banks, government agencies and co-operative societies
  4. The reward for capital is interest
  5. It is a stock of asset used in production
  6. It is used to acquire other factors like land and labour
  7. It is used to purchase farm inputs like seeds, agro-chemicals etc
  8. It is obtained in form of loan or subsidies
  9. Capital is grouped into two classes
  10. Fixed capital are asset not used up during production e.g. building, farm tools and equipment, motor vehicles, farm machines etc
  11. Variable capitals are those assets used up during production e.g. water, seed, feed, drugs, cash in hand, agro chemicals etc.

 

Management or Entrepreneur

This is the person or group of persons who co-ordinate, organize and control the use of other factors of production.

Feature or Characteristics of Management

  1. He influences the organization of other factors or production
  2. It co-ordinates and controls other factors of production
  3. It is involved in decision making
  4. It determines the level of payment
  5. Its reward is profit
  6. The quality of management influences output
  7. The cost of management is determined by its quality. The farm manager is also called the entrepreneur.

EVALUATION:   1. Define factors of production

  1. Mentions the factors of production and discuss each                              factor

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively