Category: Third Term

CAPITAL: Capital is defined as the man made assets used in production. It is the man made wealth used in the production of other goods. The reward for capital is “INTEREST”. Capital as factor of production includes all material resources (excluding land) or stock of wealth used productively. The meaning of Capital in economics is more precise and restricted than its meaning to a businessman or an accountant. A stock of money, shares in a company or a private hoard of consumer goods is not capital....

LABOUR: Labour is the mental or physical efforts of man which is directed towards the production of goods and services. Examples of labor are the work of farmers, carpenters, teachers, policemen etc. Features of Labour Labour is mobile i.e. can move from one location to another Labour controls other factors of production Labour has feelings Labour requires motivation Labour is not fixed Labour is a human factor The reward for Labour is WAGE The important peculiarities of labour are: Labour is inseparable from the labourer: Here labour means a quantum of work performed while labourer means who perform the work (e.g. labour). Therefore, the labour’s work has to be delivered in person. Labourer sells his services not himself: If labourer...

Meaning of Production Production can be defined as the transformation of raw materials into finished goods. It is concerned with all legal activities which are directed towards the satisfaction of human wants. Human wants are many, but they can be divided into material wants and non-material wants. The material wants are referred to as goods while the non material wants are called services. Production involves the conversion of raw materials and semi finished goods into tangible goods that can satisfy the needs of the people. Examples of tangible goods are: yam, rice, clothes, cars, radio etc....

Effect of Economic importance of insect pests in crop production They destroy crop by biting, chewing, piercing and defoliation activities Reduction in farmer’s profit Some insects are disease carriers Reduction in the viability of stored produce They can cause total death of crops Spot of injuries by insect may predispose crop to disease attack They render farm products unattractive and unmarketable Prevention and Control of Pests Pest control can be done via 3 methods – physical, chemical and cultural....

FARM MANAGER: A farm manager is the person charged with the responsibility of directing the affairs of the farm administratively and technically. A farm manager is responsible for the management and general maintenance of a farm. He supervises fertilizing, planting, spraying, cultivating and harvesting procedures of crops and supervises the general care of the animals and be diligent in the control of illnesses for livestock. FUNCTIONS OF A FARM MANAGER) Evaluation: The farm manager makes judgment on the number of inputs in terms of labour and machinery that is needed on the farm....