Day: January 15, 2022

This refers to the concentration of activity in those lines of production where the individual, firm or country has natural or acquired an advantage. Adam Smith drew attention to the importance of division of labour in his book, the wealth Read More …

This refers to the inputs or resources from the society that are used in the process of production .They include land, labour, capital and entrepreneurship Land It refers to all natural recourses over which people have power of disposal and Read More …

Definition Production comprises all activities that provide goods and services which people want and for which they are prepared to pay a price. The composition of the total output can be classified into consumer goods and produce goods and services. Read More …