It will also need an oven to bake the biscuits. Secondly, in the production of biscuits, the organization will need the machines to mix all the necessary ingredients. To set up this production process, the company requires a place or land to set up the whole production unit. Let's explore the production process with the example of biscuit production. that are used in the process of production are counted under the category ‘land’. Natural resources such as land, energy, etc. The technology that is used, whether the kind of machinery, the programming of machinery, the capacity of machinery, etc. Labour refers to the people involved and the time and efforts that were put into the process. Investment can be in terms of monetary investments or assets like machines, vehicles, etc. The factors of production are explained in detail below: CapitalĬapital includes the amount invested in the process of production. Lifestyle and Technological Environmentįactors of production means capital, labour, technology, land, and other resources that are used to create output, or goods and services.Business Considerations from Globalisation.Risks and Rewards of Running a Business.Evaluating Business Success Based on Objectives.Information and Communication Technology in Business.

Effects of Interest Rates on Businesses.Improving Employer - Employee Relations.

Production