PRODUCTION

BUSINESS STUDIES - LECTURE 2.

TOPIC : PRODUCTION. 
Good Day Y'ALL, welcome to class today hope you understood our previous lecture about "OFFICE" if you don't pls kindly go back and read carefully or contact me through the contact us link on this blog.. I would respond immediately.. Thanks.
TODAY is a new day I would like us to proceed on our business study lecture. The second lecture title on this course is "PRODUCTION" we've all surely heard and sometimes use the word production in our everyday speech. Let's begin :

WHAT IS PRODUCTION? Well all human beings have needs that must be satisfied and any activity carried out with aim to satisfy these needs is Called "Production". We definately want stuff like food so we won't go hungry those responsible to make sure we get enough food to satisfy hunger is the farmers, the farmers grow several types of food crops for all human consumption. This is termed "Production".We happen to have various aspects of productions, there are some activities that might not be what we can see, touch nor eat (examples are services provided by lawyers, doctors, nurses, labourers,musicians etc) each of this people services satisfies a specific human want/need we can say this to be "PRODUCTION"... Now the acceptable and general meaning of production is any activity which produces services or changes the form, place or time of anything that is used to satisfy human needs.

Here is a very good production chart 📊 below 👇
[PRODUCTION - Producer] 
➖➖➖➖➖⬇️➖➖➖➖➖➖
[DISTRIBUTION - Distributor) 
➖➖➖➖➖⬇️➖➖➖➖➖➖
[WAREHOUSE - STORAGE AND TRANSPORTATION - Transporter] 
➖➖➖➖➖⬇️➖➖➖➖➖➖➖
[CONSUMPTION - Consuner].

🔰 Now the Factors Of Production; The factors are resources, agents or probably the input which make it possible for goods and services to be produced. They are just 4 in number:
1. LAND : The land is a factor of Production not only for the use to cultivate plant crops but it includes all natural activities extracted to production. Examples are farmland, rivers and seas (means of fish and other types of sea foods) and mineral wealth.

2. LABOUR : Another factor of production, it is all kind of human effort which production possible not actually meaning man hard work (strength) obviously there are machines to do that but man's skill, efficiency and judgement.

3. CAPITAL : Capital is a factor of production, it is the amount of what man saves for further production. Examples include Factories, machinery, raw materials, partly-finished goods and money.

4. MANAGEMENT : Lastly, it's now been realised that production cannot be productive without management because production has to be organised before it can achieve the desired results.
Management as a factor of production carries out the following functions ;
➡️Organisation of the other 3 factors of productuon.
➡️Decisions on what to produce and in what quantities.
➡️Making Choices of production methods.
➡️Decisions on how much of each factor to use..

That would be all for today's lecture we proceed to Lecture 3 in our next post.. Share this post help others learn.. Thanks 😊