Theory of Production I | Week 7

At the end of this lesson, you should be able to:

• Define production
• List the types of goods
• Explain the types of production
• Define factors of production 
• List the factors of production
• Define land and list the characteristics of land
• Enumerate the contribution of land to the economic development of a country
• Define labour, state the types and importance of labour
• Define capital
• List the types and explain the characteristics of capital
• Define entrepreneur
• Identify the functions and importance of an entrepreneur