TYPES OF INDUSTRIAL OCCUPATION

Hey Guyz, Happy New Week, this is the last week in the month of February 2015, so congrats for making it. God Loves You. So today we are focusing on the continuation of what we did last week. Let's get started.

# Constructive Industrial Occupation- This involves assembling of different parts together to get one product. It may be an Automobile or a Bridge or even a shoe. It deals with bring different parts together to form one thing.

2. SERVICE

This has to do with providing anything that is not a good or product. it many times is intangible. Services like Telecommunication, Teaching, Barbing, Manicure, Pedicure etc. These are services.

TYPES OF SERVICE OCCUPATIONS:

# Direct Services- These are personal services rendered directly to the clients. Services like Barbing, Manicure, Pedicure etc. These are services that deal with personal contact.

# Indirect Services- These has to do with services that are not rendered directly or personally. For example, The activities of the Civil Servants, The activities of the Custom Officers etc.

3. COMMERCE

This is a process of Buying, Selling and Distribution of Goods and Services. It involves the combination of all occupations that are grouped under Trade and Aids-to-Trade.

This is the end of the Topic we began last week and the beginning of a new topic. Pls Enjoy!

PRODUCTION

Production is any activity engaged in to create goods and services, and to distribute these goods and services till it reaches the final consumer. In order words, It is making of goods and services available to the consumers who are willing to pay for them in order to satisfy human wants. It is also the creation of utility.

STAGES OF PRODUCTION

There are three stages of production and they include:

1. PRIMARY STAGE OF PRODUCTION- It is a process of obtaining raw materials/resources from the Land, Sea or River. This mostly involves agricultural produce or Petroleum produce, for example Farming, Fishing, Mining etc.

2. SECONDARY STAGE OF PRODUCTION- It is the process of turning these raw materials into finished goods by way of Manufacturing. For example, the process Tomato Fruit undergoes in the factory to become Paste that is put in tin as Tin Tomato etc.

3. TERTIARY STAGE OF PRODUCTION- It is the distribution of finished goods and services to the consumers. The people involved in this are:

a) Wholesalers

b) Retailers, etc.

FACTORS/AGENTS OF PRODUCTION

There are Four Factors of Production and they are:

1. LAND

Is the First Factor of Production, it is a Free Gift of Nature which comprises of Resources in the Sea, Ocean, Rivers, Forest etc. The Reward for Land is Rent.

Features/Characteristics of Land:

- It is a free gift from God.

- It is not Mobile (That it, it can’t move around).

- It is used as a site were some Forms of Economics can be carried out.

2. LABOUR

It includes human efforts that are directed towards production both physical and mental effort. Labor can be skilled or unskilled that is formal or informal. For example, Gate man (unskilled/informal labor), Lawyer (skilled/formal labor) etc. The Reward for Labor is Salary/Wages.

Features/Characteristics of Labor:

- It is supplied by Man.

- It is movable.

3. CAPITAL

It is the resources made by man that is used for production of goods and services. This consists of machinery, tools, cash, raw materials etc. The use of capital makes the process of production more efficient and easy. The Reward for Capital is Interest.

Features/Characteristics of Capital:

- Capital makes production easy and faster.

- It facilitates the further production of goods and services.

- It serves as assets to the business.

4. ENTREPRENEUR

This is the person who manages, controls, organizes and co-ordinates all other factors of production. In order to achieve the objectives of the business, He is the Decision Maker, Risk Bearer and organizer of the business. He determines what to produce and how to produce. The Reward for an Entrepreneur is Profit.

Functions of an Entrepreneur:

- He is the Risk Bearer.

- He is the Decision Maker.

- He determines the price of the Product.

- He provides the Capital for the business.

This brings us to the end of today's session, Questions on all we have done would be posted next time so pls do go through thoroughly and understand cos questions are coming to test your understanding of these topics. Hope this was very helpful to you, leave a comment of what you think of this tutorial and your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.