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Production - PART 1
In this lesson, you will learn the meaning of Production and understand how goods and services are created to satisfy human wants. The lesson also explains the classification of production, the factors of production (land, labour, capital, and entrepreneur), their characteristics and rewards, as well as the importance of production in economic development.
OBJECTIVES:
(i) Meaning of Production
(ii) Classification of Production
(iii) Factors of production, characteristics & rewards
(iv) Importance of Production.
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