Topics: Factors of production, Entrepreneur, Entrepreneurship Pages: 4 (871 words) Published: May 21, 2013
Economics 1A (EC0110)
2 April 2013
BCom Accounting 1st year

Group members:
* Guguletho Thwala 201305575
* Tsakani Siweya 201300869
* Chelsea Okesokun 201304976
* Sibusiso Mngomezulu 201306272
* Genilsa Angelica 2009075
* Fortunate Molawa 201303699

Page no:
1. Introduction (Angelica)
2. Body
3.1. Land (Sibusiso)
3.2. Labour (Chelsea)
3.3. Capital (Tsakani)
3.4. Entrepreneurs (Fortunate)
3. Conclusion (Gugulethu)
4. Glossary of terms
7. Bibliography


Definition of 'Factors of Production'
An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, Labour, capital and entrepreneurship. This assignment aims to discuss the different factors of production used by a specific company by giving a practical example of each. Explaining 'Factors of Production'

In essence, land, labour, capital and entrepreneurship encompass all of the inputs needed to produce a good or service. Land represents all natural resources, such as timber and gold, used in the production of a good. Labour is all of the work that labourers and workers perform at all levels of an organization, except for the entrepreneur. The capital is all of the tools and machinery used to produce a good or service. The entrepreneur is the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production. The entrepreneur also takes on all of the risks and rewards of the business.

On this research we will be focussing at Albany Bakeries in South Africa, how the firm as made and still use of these factors of production over the years. Albany Bakeries is an South African bakery and subsidiary of Tiger Brands, which markets food products such as cooking oils, sauces, bread, candy, ice...
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