4 Production factors:
1.Natural resources
2.Human resources (labour)
3.Capital
4.Entrepreneurship
Raw material changed into a certain final product e.g.
Milk Chocolate
Chocolate sweets
The input needed to change raw materials into final products is known as production factors. In most cases, all four-production factors are used to make final product. Not all 4 factors are always available. Therefore, there is a shortage of certain production factor (Raw material)
1.Natural Resources
a)Agriculture- fruit, vegetables and meat
b)Mining - gold, iron, coal and ore
c)Fisheries - fish, crayfish, abalone
d)Forestry - timber
This includes farms and plantations, as well as land where roads and buildings are constructed. Supply of minerals is limited which can be exhausted. Land, fisheries, forestry, and agriculture cannot be exhausted but must be managed responsibly.
Inputoutput
Wood à paper product/ furniture
Wheatà flour
Gold à Jewellary
Fishà Frozen fish products
2.Human Resources
-This is the contribution that people make to the production process.
Human resources team works to improve customer ser...
The Human Resources Manager
Human Resources (audio drama)All workers contribute to the production process.
-Many prices in S.A. have become expencive because of high remuniration demanded by workers and trade unions. Sometimes it is cheeper to import certain products eg. Clothing, butter, shoes.
Human resources or labour is devided into 3 groups:
a)Professional human resources. These are highly skilled and trained people, eg. Doctors, attourneys and engineers. These workers have received post-school training and usually specialise in certain fields.
b)Skilled human resources. These people have a reasonably hugh level of education, eg. Secreterial personnel, mechanics, carpenters and electricians. The workers have been trained for a specific task.
c)Unskilled human resources. These people have a low level of training eg. farm workers, domestic servants, mine workers and road workers. They have not been trained for a specific task.
Human resources and labour uses natural resources and...