WAEC SSCE Economics

FACTORS OF PRODUCTION

Study notes for FACTORS OF PRODUCTION — part of the WAEC SSCE Economics syllabus. 1 learning objectives with explanations and exam tips.

Objectives1
SubjectEconomics
ExamWAEC SSCE
Study Notes
Objective 1 of 1
Factors of Production Study Note

The factors of production are the basic resources needed to create goods and services. Land includes natural resources like soil, forests, and minerals. Labour refers to human effort and skills workers provide. Capital means man-made tools, machines, and money used in production. Entrepreneurship is the ability to organize these resources and take business risks to create new ventures.

Think of a Nigerian cassava farmer. The land is the farmland itself, labour is the farmer and workers harvesting, capital includes the cutlass and processing equipment, while entrepreneurship is the farmer's decision to process cassava into garri to earn more profit. Without any one factor, production becomes difficult or impossible.

These factors are interdependent and essential for economic growth. Understanding how they work together helps you grasp how economies function and create wealth.

💡 Exam tip: Always remember that entrepreneurship is separate from labour—one is management skill, the other is physical work. Examiners love testing this distinction.
Frequently Asked Questions
How many WAEC objectives are in FACTORS OF PRODUCTION?
The WAEC SSCE Economics topic 'FACTORS OF PRODUCTION' has 1 learning objectives you must master.
Does FACTORS OF PRODUCTION appear in WAEC Economics exams?
FACTORS OF PRODUCTION is part of the official WAEC SSCE Economics syllabus, so questions can be drawn from it in any year.
How do I study FACTORS OF PRODUCTION for WAEC?
Study each of the 1 objectives listed above. For each one, understand the concept, learn one worked example, and practise past questions on the topic.
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