Economic resources are of four main types: labor, land (natural resources), real capital (machines, factories, buildings, etc.,) and entrepreneurs. Economic resources are also called factors of production or inputs in the productive process.

4 Key Resources – The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship.

Producers/Production. People who use resources to make goods and services, also called workers./ The making of goods and services using resources. Productivity. The amount of goods or services that are produced per worker (or sometimes, per other input), or output per person. Productivity.

Capital is any human-made resource that is used to produce other goods and services.

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

The main requirements for the production of goods and services are land, labor, physical capital, and human capital. Labour: This is the main requirement, people who will do the work.

Some of the providers of services are: postmen, teachers, house keepers garbage collectors, fishermen, higglers, firefighter, policemen, nurses and doctors.

There are four factors of production i.e. land, labour, physical capital and human capital. The first requirement for production is land. Land as a production factor also includes other natural resources like water, forests and minerals found in the earth’s crust.

The 4Ms of Operation 1. Methods – the process to be followed in effectively manufacturing or delivering a product or service. It is the day-to-day operations of a business. Process – the transformation phase where inputs are processed by manpower and machines to come up with the final product.

(d) Correct answer: Hairdressing is an individual personal service, therefore job production. (a) Correct answer: A manufacturing business that uses flow production is most likely to use robotics.

Flow production (often known as mass production) involves the use of production lines such as in a car manufacturer where doors, engines, bonnets and wheels are added to a chassis as it moves along the assembly line.

Custom made clothes are an example of job production. It is where a single product is made at a time. Job production tends to be labour intensive, and often highly skilled labour is required. Examples include building ships, bridges and buildings, handmade crafts like furniture and made-to-measure clothes.

Batch production is a method of manufacturing where the products are made as specified groups or amounts, within a time frame. This is opposed to large mass production or continuous production methods where the product or process does not need to be checked or changed as frequently or periodically.

A continuous process is a process in which the product comes out without interruption and not in groups. The paperboard product, once formed, can be collected on a roll in a continuous process and passed on for further processing.

Continuous processes Each machine operates in a single steady state and performs a specific processing function. Some examples of continuous processes are pasta production, tomato sauce and juice production, ice cream production, mayonnaise production, etc .

Continuous production is called a continuous process or a continuous flow process because the materials, either dry bulk or fluids that are being processed are continuously in motion, undergoing chemical reactions or subject to mechanical or heat treatment. Continuous processing is contrasted with batch production.

Step 1: Identify Improvement Opportunity: Select the appropriate process for improvement. Step 2: Analyze: Identify and verify the root cause(s). Step 3: Take Action: Plan and implement actions that correct the root cause(s). Step 4: Study Results: Confirm the actions taken to achieve the target.