Types of Production - JSS1 Business studies Lesson Note

Each type of production plays a crucial role in the economy, contributing to the creation of goods and services that meet the diverse needs and wants of consumers.

 

1. Industry:

Extractive Industry: This involves obtaining raw materials from nature. For example, mining coal, drilling for oil, or harvesting timber.

Manufacturing Industry: This involves converting raw materials into finished goods. Examples include assembling cars, making clothing, or producing electronics.

Constructive Industry: This involves constructing infrastructure or buildings. Examples include building roads, bridges, houses, and commercial buildings.

 

2. Commerce:

Commerce production involves activities related to the exchange of goods and services. It includes:

Trade: Buying and selling of goods or services between parties. This can be wholesale or retail.

Transportation: Moving goods from one place to another, such as shipping, trucking, or air freight.

Warehousing: Storing goods before they are sold or distributed.

 

3. Services:

Services production involves providing intangible benefits to consumers. It includes:

Personal Services: Services provided directly to individuals, such as healthcare, education, or personal grooming.

Business Services: Services provided to businesses, such as consulting, accounting, or advertising.

Social Services: Services provided by the government or non-profit organizations to improve society, such as welfare programs, public education, or public safety.