PPT: Factors of Production | Social Science Class 8 - New NCERT PDF Download

 Page 1


Factors of 
Production
Page 2


Factors of 
Production
Factors of Production
Technology is a crucial enabler that helps businesses produce more goods with the 
same or fewer inputs.
L a n d
Encompasses 
geographical land and 
natural resources like 
soil, forests, water, 
minerals, oil, and natural 
gas
L a b o u r
Physical and mental 
effort used in production, 
including skills, 
knowledge, and abilities
C a p i t a l
Monetary resources and 
durable assets like 
machinery, tools, 
equipment, buildings, etc.
E n t r e p r e n e u r s h i p
The vision, risk-taking, 
and coordination of other 
factors to create a 
successful business
Page 3


Factors of 
Production
Factors of Production
Technology is a crucial enabler that helps businesses produce more goods with the 
same or fewer inputs.
L a n d
Encompasses 
geographical land and 
natural resources like 
soil, forests, water, 
minerals, oil, and natural 
gas
L a b o u r
Physical and mental 
effort used in production, 
including skills, 
knowledge, and abilities
C a p i t a l
Monetary resources and 
durable assets like 
machinery, tools, 
equipment, buildings, etc.
E n t r e p r e n e u r s h i p
The vision, risk-taking, 
and coordination of other 
factors to create a 
successful business
Land (natural resources)
'Land' in economics encompasses:
1
Geographical 
land
2
Soil and forests
3
Water resources
4
Air and sunlight
5
Minerals and 
metals
6
Oil and natural 
gas
Businesses either purchase the required land or pay rent to use it for a period of 
time.
Page 4


Factors of 
Production
Factors of Production
Technology is a crucial enabler that helps businesses produce more goods with the 
same or fewer inputs.
L a n d
Encompasses 
geographical land and 
natural resources like 
soil, forests, water, 
minerals, oil, and natural 
gas
L a b o u r
Physical and mental 
effort used in production, 
including skills, 
knowledge, and abilities
C a p i t a l
Monetary resources and 
durable assets like 
machinery, tools, 
equipment, buildings, etc.
E n t r e p r e n e u r s h i p
The vision, risk-taking, 
and coordination of other 
factors to create a 
successful business
Land (natural resources)
'Land' in economics encompasses:
1
Geographical 
land
2
Soil and forests
3
Water resources
4
Air and sunlight
5
Minerals and 
metals
6
Oil and natural 
gas
Businesses either purchase the required land or pay rent to use it for a period of 
time.
Labour (human resources)
Physical and Mental Effort
Labour involves both physical strength and mental 
capabilities applied to production processes
Diverse Contributions
Carpenters, farmers, teachers, doctors, and engineers all 
contribute differently through their specialized work
Human Capital
Refers to specialized skills, knowledge, abilities, and 
expertise that improve the quality and efficiency of labour
Page 5


Factors of 
Production
Factors of Production
Technology is a crucial enabler that helps businesses produce more goods with the 
same or fewer inputs.
L a n d
Encompasses 
geographical land and 
natural resources like 
soil, forests, water, 
minerals, oil, and natural 
gas
L a b o u r
Physical and mental 
effort used in production, 
including skills, 
knowledge, and abilities
C a p i t a l
Monetary resources and 
durable assets like 
machinery, tools, 
equipment, buildings, etc.
E n t r e p r e n e u r s h i p
The vision, risk-taking, 
and coordination of other 
factors to create a 
successful business
Land (natural resources)
'Land' in economics encompasses:
1
Geographical 
land
2
Soil and forests
3
Water resources
4
Air and sunlight
5
Minerals and 
metals
6
Oil and natural 
gas
Businesses either purchase the required land or pay rent to use it for a period of 
time.
Labour (human resources)
Physical and Mental Effort
Labour involves both physical strength and mental 
capabilities applied to production processes
Diverse Contributions
Carpenters, farmers, teachers, doctors, and engineers all 
contribute differently through their specialized work
Human Capital
Refers to specialized skills, knowledge, abilities, and 
expertise that improve the quality and efficiency of labour
Facilitators of Human Capital
Education and 
Training
Education helps 
individuals gain 
knowledge, from basic 
literacy to expertise in 
specific fields. Training 
provides practical skills 
for particular jobs.
Healthcare
Good health supports 
cognitive development, 
allowing children to 
learn better and workers 
to be more productive, 
creative, and present.
Social and Cultural 
Influences
Work ethics like Japan's 
kaizen (continuous 
improvement) and 
Germany's attention to 
detail have helped these 
countries achieve higher 
standards.