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.
- 01:36 “haircuts, your legal advice, your medical services and all of that, things that we can't see that are rendered towards those are services. It is important to note that production is only complete when the goods or servic...”
- 00:49 “services to the final consumers for the satisfaction of human wants. Simply put, economic activities that lead to the production of goods and services that satisfy human wants. Now one critical thing to note is that okay...”
- 22:33 “of the product rather than the whole product. So like we said, with division of labor, one person doesn't have to do or create the entire product. It takes just one part of that process and handles it. Now, okay, I alrea...”
Cost of Production
This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.
- 00:47 “Whenever you hear the word cost, what does it mean? Costs, as the name implies, refers to the economic value that is attached to a particular product or service. The value that is attached to a particular product or word...”
- 16:04 “you calculate your worth, your total cost, please take note, your total cost here is going to be worth, it's going to be fixed cost, plus worth, plus variable cost, okay, remember the first one I get to you is worth, is...”
- 25:58 “okay, over changing quantity, anything marginal, the first line is always dash, you can see, here, for the first unit is dash, so you start from the second one, very easy, even without capital it or you can do this, just...”
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.
- 17:35 “machinery, equipment. All these things are being included as capital. Then we have reward for capital as interest. The reward for capital is world interest. Right, we have the entrepreneur. The entrepreneur is the owner...”
- 12:36 “abnormal raw material to be converted to finished product, okay? Production makes it possible for those raw materials to be able to get to that position where one can be able to use them. It brings opportunities to custo...”
- 10:57 “to get those goods to be consumers are either by air, by water or by road, okay? And before those goods will be able to get to the consumer, it may be stored in our warehouse, okay? Until those goods are being needed. An...”
Meaning and Types of Trade
The lesson explains the concept of trade as the buying and selling of goods. It describes the types of trade, including own trade and foreign trade, and outlines the services that facilitate trade. The role of Customs and Excise in foreign trade is also discussed.
- 16:29 “So they are communicating to me that it helps to lower blood pressure. It increases lifespan. So they have communicated to me. What do I need to do? Then I buy. So advertising it's trade. It is also a form of persuasion....”
- 15:41 “they advertise a product. For example, Margarine, what do they do? They want to buy. So they have a target group. They know that young children like to eat bread with butter. So they try to make the advertisements when t...”
- 17:14 “We just need to hear it from the advertisers, the information regarding the particular products. Communication, it is a trade. It is the transfer of effective information from the sender to the recipient. Who is the send...”