Introduction
- Greet learners
- Ask them to take out their note books and workbooks
- Explain to the learners what topic we will be discussing today
Task
Before reading or explaining to the learners what Factors of Production is.
Ask the learners if they know
Before speaking about Factors of Production, see whether the learners had read the chapter before coming to class. Test whether they are eager to learn new things
let the students watch the YouTube video on Factors of Production
After watching the video ask the learners if they understand what Factors of Production (they should give a answer to what they understand what it is, after watching the video
Process
After the video. I want to explain what Factors of Production is in a much simpler form.
There are FOUR factors that makes up the Factors of Production
1. Capital
2. Labor
3. Natural Resources
4. Entrepreneur
1. CAPITAL:
The word "capital" has many meaning to it; the financial capital (money) raised to operate and the money to expand the business.
Financial capital is the money that is used to generate income or to invest into an business/organization. There are two types of financial capital, borrowed capital and own capital
Borrowed Capital:
Borrowed capital is any money that is borrowed by the entrepreneur or any owner of the business. borrowed is mostly taken from the bank. This has to be paid off within installments, to what what you and the bank agrees to. Borrowed capital can also be money borrowed from family member and friends
Own Capital:
Own capital refers to any money that the entrepreneur owns (their saving), this money is used for establishing the entrepreneurs business/organization.
2. LABOR:
Labor is one of the most important factors. This refers to the mental and physical efforts of people used for the production of goods and services. The supply of labor depends on the level of education and of the worker and the composition of age and gender.
There are three types of laborers, unskilled, semi-skilled and skilled worker.
Unskilled:
An unskilled labor refers to workers that have had no skilled training or any experience in any particular working environment.
Semi-skilled:
Semi-skilled labor refers to workers that have more training and skills than a unskilled worker
Skilled labor:
Skilled labor refers to workers who has special skills, knowledge and has the acquired ability to work.
3. NATURAL RESOURCES:
Natural resources is what the name actually means (nature). The Natural Resources of the factors of production are the water, oil, copper, natural gas, etc.
This involves the land that the business is on itself is part of the natural resources.
4. ENTREPRENEURSHIP:
The entrepreneur is the one who owns the business, the one who established the business. The entrepreneur is the one who initiates the process of production. The one who managers, organizers and controls the in's and outs, the decisions of the business and managers all the affairs of the business
Evaluation
Activity:
Complete this activity without cheating and looking at the content work while completing the activity
1. Why are workers important in a business?
2. List FOUR things that would motivate or demotivate workers
3. List the Four Factors of Production
4. Explain the difference between skilled, semi-skilled and unskilled workers
5. Explain what the difference between borrowed capital and own capital in your own words.
Please complete the activity and email it to me at 218204876@mycput.ac.za when you're done
Conclusion
Students, please watch the YouTube video about Factors of Production.
Please complete the activity and email it to me when you're done
If when after the lesson if you feel like you did not grasp the lesson, feel free to send me an email with what you are concerned about
You can email any questions you have in mind based on the lesson
Thank you
Credits
Teacher Page
Dear Students
For any inquiries that you might have, please send me an email at 218204876@mycput.ac.za