Types of Production
This lesson defines production and explains its types, including primary, secondary, and tertiary production. It also discusses the extraction of raw materials and the transformation into finished goods.
- 01:04 “All right, let's go on now with the definition. Okay, production, what is production? Production is the making of goods and the provision of services that satisfy the needs of people. Making of goods and provision of ser...”
- 05:57 “Anyone that, yeah. So, yeah, natural. Okay, we have forms of production, forms of production. Not just forms, we have forms of industrial production. Okay, let us look at teeth with this diagram, forms of industrial prod...”
- 01:51 “And production involved creation of goods and services to satisfy human needs. These are another definition of production. Production cannot be complete, which are getting to the last stage of what we call the final stag...”
Factors of Production
The lesson covers the concept of production and its types. It explains the factors of production, division of labor, and specialization. The advantages and disadvantages of division of labor and large scale production are also discussed.
- 00:00 “Hello guys, welcome to this lesson and this is economics where SS1, my name is Cornelius and I'm your instructor and today's in this lesson we'll be talking about theory of production and in our lesson we're going to be...”
- 35:09 “So that will all of our lessons for theory of production. Till next lesson. Bye.”
- 20:05 “element defines what's what amount. So what the roles that every other component of the production process is going to play. The entrepreneurship or entrepreneur defines the roles. He organizes the coordinates. And he's...”