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IGCSE Commerce summary notes for Production and Factors of production
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This document contains summaries and notes regarding the content of the IGCSE Commerce topic Production and the factors of production
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THEME 1: COMMERCIAL OPERATIONS-TOPIC 1- PRODUCTION AND THE FACTORS
OF PRODUCTION
PRODUCTION AND THE FACTORS OF PRODUCTION
Production is the process of converting resources into goods and services with the
intention of fulfilling the needs and wants of people.
Manufacturing is the process of using resources such as raw materials, fuel,
machinery and labor to produce physical products in large scale.
• Consumer goods are the goods produced in order to be consumed by the
final consumers to fulfill their needs and wants, ex’s: Food and clothing
• Intermediate goods are the components produced in order to be used by
other businesses and manufacturers, ex’s: Sugar, nuts, bolts and wires
• Capital goods are the goods used in the production of other products and
goods, Capital goods may include machinery, tools and equipment
THE PROVISION AND DELIVERY OF SERVICES
Direct services are personal services and they are aimed to be provided directly to
consumers/ customers.
Examples of Direct services include:
➢ Financial services such as banking, insurance
➢ Telecommunication services
➢ Personal services such as Hairdressing and
Drycleaning
➢ Care services such as day centers
➢ Educational services
➢ Public Transport
Commercial services are the services provided to support businesses with the
distribution of products.
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