PRODUCTION

• Production


  Activities involved in the creation of goods and services
• Productivity


  A measure of the efficiency of a person, machine, factory, system, etc. in converting inputs into useful outputs
• An organization's output of goods and services divided by its inputs
• Efficiency


  Looks at not only the quantity of output per time spent, but it takes into account the quality of the output
• An organization may achieve a high level of productivity in its operation, but efficiency may be low
• Factors of Production

  • Capital
  • Enterprise/entrepreneurial ability
  • Land/natural resources
  • Labour/human resources
• Land/Natural Resources

  Refers to natural resources, which include mineral deposits, sunshine and rainfall, waters, deserts and forests