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.

• 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...”
• 20:56 “or the entrepreneurship component handles the provision of capital. So when capital comes in, we're able to get land, we're able to get labor and we go about producing goods and services. Now we move on to division of la...”
• 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...”